Markets

Here's what happened to the stock market on Monday

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Traders work on the floor at the New York Stock Exchange.
Brendan McDermid | Reuters

Dow Jones Industrial Average rises 96 points

The Dow jumped 96.44 points, or 0.34%, to end the day at 28,551.53. The S&P 500 climbed 0.09, hitting another all-time high of 3,224.01. The Nasdaq Composite advanced 0.23% to 8,945.65. The S&P 500 is up more than 28% for 2019 through Friday, about 1 percentage point away from 2013′s gain of 29.6%.

Boeing shares jump

Shares of Boeing jumped 2.91% after the Chicago-based aviation giant ousted CEO Dennis Muilenburg, effective immediately. The move comes as Boeing has been struggling to regain the trust of regulators and the public after two fatal crashes of the 737 Max jets. Chairman David Calhoun will become CEO on Jan. 13.

China plans tariffs cut

China's finance ministry announced on Sunday it will lower import tariffs on over 850 products starting January 1, ranging from frozen pork to some types of semiconductors. Investors cheered the news as it marked another sign of easing trade tensions. China is making efforts to boost imports amid a slowing economy as it works to finalize a phase one trade agreement with the U.S.

What happens next?

Investors will have a short trading day on Christmas Eve with the stock market closing at 1 p.m. ET and bond market closing at 2 p.m. ET. Also, the so-called Santa Claus rally officially begins on Tuesday. Read more here.