Wall Street sets records on trade progress optimism

NEW YORK: Each of Wall Street's three major averages kicked off the trading week with record closes on Monday as signs pointed to progress between the United States and China on a trade truce, while a round of merger deals also helped buoy sentiment.

A Chinese state-backed tabloid said Beijing and Washington were "moving closer to agreeing" to an initial pact, which lifted trade-sensitive semiconductor stocks, including Applied Materials Inc, up 4.18%, and Lam Research Corp, which gained 2.68%. The Philadelphia Semiconductor index jumped 2.43% and was on pace for its best day in just over three weeks.