Technology companies powered a rally on Wall Street Monday that gave the market its third straight gain.
The surge in tech stocks followed a decision by the U.S. to give Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers. Chipmakers including Qualcomm, Intel and Micron, all rose.
The decision to give Huawei more time to buy goods from U.S. companies appeared to put investors eager for any signs of progress in the trade war between the U.S. and China in a buying mood.
The buying went well beyond technology, with communication services stocks, health care companies and retailers notching solid gains. Financial stocks also rose as bond prices headed lower, sending yields higher. Energy stocks climbed following a 2.4% increase in U.S. crude oil prices.