S&P 500, Nasdaq, closes with new records before signing US-China trade agreement

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<pre><pre>Boeing, Travelers' losses have contributed to Dow's 75-point decline

US stocks closed higher on Monday, and the S&P 500 and Nasdaq ended the day with new record highs as U.S. and Chinese officials are preparing to sign a Phase 1 trade deal in Washington later this week. The Dow Jones Industrial Average

DJIA, + 0.29%

rose 82 points, or 0.3%, to close at 28.906 and the S&P 500

SPX, + 0.70%

rose 23 points or 0.7% and ended the session at around 3,288. The Nasdaq Composite Index

COMP, + 1.04%

gained 95 points, or 1%, to close at 9,274 points as both the S & P 500 and new daily highs and closings hit. Reports that the Trump administration will soon withdraw China as a "currency manipulator" have fueled the positive sentiment on Wall Street as this move is seen as evidence of growing goodwill between the two largest economies in the world. Shares of electric car maker Tesla Inc. in corporate news

TSLA, + 9.77%

rose 9.8% after Oppenheim analyst Colin Rusch raised its price target by almost 60%, which contributed to the 25.5% increase in the share since the beginning of the year.