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Trade hopes lift S&P to record high

Credit: Reuters Studio
Published on July 1, 2019 - Duration: 01:19s

Trade hopes lift S&P to record high

U.S. stocks climbed Monday, led by tech stocks on optimism for progress in U.S.-China trade talks and signs of a likely reprieve for Chinese telecom company Huawei.

Fred Katayama reports.

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Trade hopes lift S&P to record high

The U.S.'

Trade truce with China boosted tech stocks, driving the S&P 500 to a record high on Monday.

Oil stocks also soared as investors bet OPEC will extend production cuts.

But AMG Managers Pictet International Fund portfolio manager Ben Beneche has a cautious outlook.

SOUNDBITE: AMG MANAGERS PICTET INTERNATIONAL FUND PORTFOLIO MANAGER, BEN BENECHE, (ENGLISH) SAYING: "It's really a case of how much more can go right, It feels like right now, globally, it's very much a "Goldilocks"-type scenario.

Very low rates.

Very high profit margins.

Very low rates of unemployment coupled with little to no inflation.

That is not a system of real stability in the markets.

Typically one of those things will not be working." Still, the S&P 500 managed to rise for a third straight day.

Chipmakers that supply China's Huawei Technologies like Intel, Micron Technology rose.

Over the weekend, President Donald Trump offered China concessions that included no new tariffs and an easing of restrictions on Huawei.

Gambling revenue in Macau rose more than expected in June.

That had investors bidding up shares of Wynn Resorts, Melco Resorts & Entertainment and Las Vegas Sands.

Shares of Coty plummeted the most among the S&P 500 stocks.

The parent of Cover Girl and Max Factor said it'll restructure its business and write down $3 billion on the consumer brands it bought from Procter & Gamble.

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