Stocks Ended Slightly Higher on US-China Trade Optimism

U.S. stocks Ended slightly higher on Monday as weakness in defensive stocks offset trade optimism following U.S. President Donald Trump’s conciliatory remarks toward China’s ZTE Corp, calming the waters amid U.S.-China trade tensions. The Dow Jones Industrial Average rose 68.24 points, or 0.27%, to 24,899.41. The S&P 500 gained 2.41 points, or 0.09%, to 2,730.13. The Nasdaq Composite added 8.43 points, or 0.11%, to 7,411.32.

Oil futures settled higher Monday, as OPEC’s ability to raise production and signs of further growth in U.S. output helped offset support from concerns surrounding the flow of oil in the Middle East. June West Texas Intermediate crude tacked on 26 cents, or 0.4%, to settle at $70.96 a barrel. July Brent crude oil surged by $1.11, or 1.4%, to end at $78.23 a barrel.

U.S. shale production is expected to rise by about 145,000 barrels per day to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.