S&P 500, Nasdaq end at records
Paris bombing suspect sues Canada over extradition
The S&P 500 and Nasdaq surged to fresh records Monday amid enthusiasm at the impending signing of the US-China trade deal.
The broad-based S&P 500 jumped 0.7 percent to 3,288.13, while the tech-rich Nasdaq Composite Index gained 1.0 percent to end 9,273.93, both eclipsing alltime highs reached last week.
The Dow Jones Industrial Average advanced 0.3 percent to 28,907.05 two days before President Donald Trump is due to sign a "phase one" agreement with Beijing.
Stocks were in positive territory the whole session, gaining ground following a report that the US would formally retract its accusation that China manipulates its currency to gain unfair trade advantages.
"We enter the week with some enthusiasm at getting the phase one deal signed," said Art Hogan, chief market strategist at National Securities, adding that investors were also hopeful that an upcoming trove of banking earnings would be good.
Earnings season begins in earnest Tuesday with reports from JPMorgan Chase and other large banks.
Companies in the S&P 500 are projected to report a 2.0 percent drop in earnings for the quarter, according to Factset.
The improved state of USChina trade relations has been a key factor in boosting stocks, along with solid economic data and accommodative monetary policy.
Large technology companies helped lead the market, with Apple winning 2.1 percent, Facebook 1.8 percent and Netflix 3.0 percent. Tesla jumped nearly 10 percent following an upgrade from
Oppenheimer.
Lululemon Athletica advanced 4.4 percent as it lifted its fourth- quarter profit forecast, describing a strong holiday shopping season.
But Five Below, a retailer focused on teens and other younger shoppers, plummeted 11.4 percent as it cited disappointing holiday sales.
Woodward and Hexcel, two suppliers in the aerospace industry, both advanced after announcing a merger of equals between the companies.
Combining the companies will boost research capacities and improve financial position, the companies said. Woodward gained 4.8 percent and Hexcel surged 9.6 percent.
A Lebanese-Canadian academic once accused of a Paris bombing in 1980 on Monday sued the Canadian government for having extradited him to France to face a failed prosecution. Hassan Diab, 66, was extradited to France in 2014, but then released in 2018 after French magistrates ruled evidence against him was "not convincing enough" to hold him.
He spent a total of nine years either in jail or under strict bail conditions in the two countries, awaiting trial.
According to court documents, he is seeking Can $ 90 million ($69m) from Ottawa, alleging negligence, malicious prosecution, deceit and abuse of process. Diab has always denied involvement in the bombing, saying he was taking exams in Beirut at the time.
A former professor of sociology at the University of Ottawa, he was accused of planting explosives inside the saddle bag of a motorbike parked outside a packed synagogue close to the Champs-Elysees, where hundreds of people had gathered for Sabbath prayers.