Stocks Ended at Record Highs for Third Straight Session

U.S. stocks ended at record highs for the third straight session on Monday after China announced it will be cutting tariffs on hundreds of products just weeks before the planned signing of an interim trade deal with the U.S. The Dow Jones Industrial Average rose 96.44 points, or 0.34%, to 28,551.53. The S&P 500 gained 2.79 points, or 0.09%, to 3,224.01. The Nasdaq Composite advanced 20.69 points, or 0.23%, to 8,945.65.

Oil futures settled slightly higher Monday, even as reports indicated that a recent pact to curb global output by OPEC and its allies may be eased and as Kuwait and Saudi Arabia appeared close to a resolution on a disputed territory, which could see fresh oil hit the market in coming months. West Texas Intermediate crude for February delivery gained 8 cents, or 0.1%, higher to close at $60.52 a barrel. February Brent crude tacked on 25 cents, or 0.4%, to end at $66.39 a barrel.

China’s Ministry of Commerce on Monday published a list of 859 products that will be subject to temporary import tariffs, which are lower than the country’s most-favored nations rate. These lowered tariffs will take effect Jan. 1, and reduce the levies on products from frozen pork to semiconductor components and pharmaceuticals.

Boeing forced out its beleaguered CEO Dennis A. Muilenburg resigned under pressure from the company, which is struggling to contain the fallout from the 737 MAX’s idling after 2 fatal crashes. Current Chairman David L. Calhoun will be come president and CEO effective Jan. 13.