U.S. stocks inch up after reports that a China trade deal will soon be finalized
U.S. stocks climbed on Monday as investors cheered reports that a Sino-American trade deal was moving closer, with the two sides in the final stages of an agreement.
China’s economy will also be in focus this week with the National People’s Congress due to kick off and officials expected to announce growth targets. What are strategists saying? “This morning’s news reinforces the view that from a short-term macroeconomic perspective, the U.S.-China trade deal is the only game in town,” said Jeffrey Halley, senior market analyst at OANDA, in a note to clients.
Shares of Kraft Heinz Co. KHC, +2.75% were up 1.5% early Monday morning, after Morgan Stanley upgraded the stock to equal weight from underweight. The stock is down 24.8% year-to-date after the firm wrote down the value of its Kraft and Oscar Mayer brands by $15.4 billion in February. How did the benchmarks perform last week? On Friday, the S&P 500 index SPX, +0.32% rose 0.7% to 2,803.69, closing above the 2,800 level for the first time since Nov. 8. The Dow industrials DJIA, +0.15% closed up 110.32 points, or 0.4%, to 26,026.32, while Nasdaq Composite Index COMP, +0.45% advanced 0.8% to 7,595.35.
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