Dow Jones Industrial Average rises 190 points
The Dow gained 190.85 points, or 0.68% to end the day at 28,066.47. The S&P 500 advanced 0.75% to close at 3,133.64. The Nasdaq Composite advanced 1.32% to 8,632.49. Wall Street was able to resume its record-setting rally after some good news on the trade front.
China IP announcement pushes stocks to record highs
The S&P 500 and Nasdaq Composite made fresh record highs after China said it will raise penalties for violating intellectual property rights. Meanwhile, The Global Times, a state-run newspaper in China, reported both sides are getting "close" to reaching a deal. The latest news around the U.S.-China trade war was mostly incremental, but it was enough for the market continue its rally after last week's pause. Dealmaking activity also lifted sentiment during Monday's session, as Charles Schwab formally announced its acquisition of TD Ameritrade.
Apple and Amazon lead the way
Apple gained 1.75% while Amazon shares rose 1.61% to lead the way higher for stocks on Monday. Facebook, Netflix and Alphabet also contributed to Monday's gains. TD Ameritrade advanced 7.58% on news it is being bought out by Charles Schwab for $26 billion in stock.
What happens next?
Best Buy is slated to report earnings on Tuesday. Investors will also digest new homes sales data as well as consumer confidence numbers. Read more here.