U.S. stocks climbed on Monday, but finished off earlier highs, led by gains in technology stocks on optimism for progress in China-U.S. trade talks and signs of a likely reprieve for Chinese telecom company Huawei.
The Dow Jones Industrial Average rose by 0.44 percent and the S&P 500 gained by 0.77 percent. The Nasdaq Composite added the most, gaining 84.92 points, or 1.06 percent, to 8,091.16.
The Chinese stocks also closed higher, with the benchmark Shanghai Composite Index up 2.22 percent to close at 3,044.90 points, and the Shenzhen Component Index closed 3.84 percent lower at 9,530.46 points.
Trade and Huawei hopes
Last Saturday, Chinese President Xi Jinping and his U.S. counterpart Donald Trump agreed to resume trade negotiations and hold off on implementing fresh tariffs on the sidelines of the G20 summit in Osaka, Japan.
Trump also affirmed that U.S. companies are allowed to continue selling products to Chinese tech giant Huawei after imposing a ban in May, during a press conference at the summit.
Shares in Huawei's smartphone suppliers jumped in Chinese trading on Monday as investors saw Trump's comments as a positive sign for its smartphone sales.
OLED display panel maker BOE Technology Group and Shenzhen Goodix Technology, a maker of fingerprint sensors, climbed by 10 percent to their daily limit.
Taiwan's Foxconn, the world's top contract electronics assembler, and contract chipmaker TSMC, rose by three percent and four percent respectively.
(With input from Reuters and Xinhua)
