US close: Tech stocks lead the way as Wall Street trading ends near session highs
US stocks started the trading week on a positive note on Monday as tech stocks turned in a decent rally during the session.
At the close, the Dow Jones Industrial Average was up 0.70% at 25,239.37, while the S&P 500 picked up 0.68% to 2,724.87 and the Nasdaq moved 1.15% firmer to 7,347.57.
The Dow closed 175 points higher, near a session high, on Monday as trade relations between the US and China remained in focus after Donald Trump said in an interview with CBS that he sees a "good chance" of reaching a trade deal with China and making progress with North Korea on nuclear disarmament.
"It looks like we're doing very well with making a deal with China. I can tell you this, no two leaders of this country and China have ever been closer than I am with President Xi. We have a good chance to make a deal," he said.
"I don't know that we're going to make one, but we have a good chance. And if it is a deal it's going to be a real deal. It's not going to be a stopgap."
Oanda analyst Craig Erlam said: "This week is likely to be much quieter than the one just passed, with trade in Asia likely to be muted as much of the region celebrates Chinese New Year."
"Elsewhere it’s unlikely to be much more lively with the major political events - most notably US/China trade talks and Brexit - probably going a bit quieter this week, with talks having taken place last week in Washington and a vote in the UK parliament."
The USD was 0.34% higher against the GBP at 0.7670.
In corporate news, solid showings from the likes of Microsoft and Apple throughout the session boosted the tech-heavy Nasdaq.
Ultimate Software Group surged 19.69% in the session after the technology company agreed to be bought by an investor group led by Hellman & Friedman in an all-cash deal valued at about $11bn.
Elsewhere, consumer products group Clorox picked up 5.57% as its second-quarter profit beat analysts' expectations.
Papa John's rallied 8.98% after it emerged that activist hedge fund Starboard Value LP will make a $200m investment in the company. In addition, Starboard's chief executive officer, Jeffrey Smith, will replace Papa John's founder John Schnatter as chairman.
Seagate shares inched forward 0.24% in extended trading after smashing its second-quarter earnings by $0.79 year-on-year, while Google parent Alphabet dropped 3.48% after the close despite beating on both revenues and earnings.