Stocks finished higher Monday. The Dow added 287 points to 25826 while the S&P 500 advanced 30 points to 2790. The Nasdaq Composite gained 110 points to 7441.
The major averages climbed as easing geopolitical tensions provided a boost to investor sentiment. Over the weekend, U.S. President Trump and Chinese Premier Xi agreed to hold off on any additional tariffs for 90-days as they work to secure a new trade agreement. On the data front, an update from the Institute for Supply Management (ISM) revealed manufacturing activity accelerated more than expected in November. Meanwhile, construction spending unexpectedly decreased month-over-month in October, for its third consecutive decline.
Ten of 11 S&P 500 sectors ended in positive territory with Energy and Consumer Discretionary stocks pacing gains. Shares of Exxon Mobil added 2.2% to $81.22 while Amazon jumped 4.9% to $1772.36. The Technology and Industrial groups also outperformed with Apple and Caterpillar up 3.5% to $184.82 and 2.4% to $138.95, respectively. Consumer Staples was the lone laggard with PepsiCo down 2.4% to $118.98. In M&A news, GlaxoSmithKline fell 8.1% to $38.47 after announcing it reached a deal to acquire biotech company Tesaro for $5.1 billion.
Breadth was positive on issues by 3:1 on the NYSE and 2:1 on the Nasdaq. Composite NYSE Volume was more than 4.1 billion shares.
Treasuries were mixed along the curve with the yield on the 10-year note down three basis points to 2.98%. In commodities, WTI crude added 4.4% to $53.15/barrel. COMEX gold gained 0.8% to $1,229.70/ounce amid a weaker dollar.