Major US stock indexes rose moderately as investors reacted favorably to China's announcement of lower import tariffs on a wide range of products and US President Trump's announcement that Washington and Beijing would sign the first phase of their trade agreement very soon. Meanwhile, the DOW gained support from a spike in Boeing Co. (BA) after it became known that the aircraft manufacturer fired the CEO.

The Chinese Ministry of Finance said on Sunday that starting January 1, it will reduce import duties on more than 850 products, ranging from frozen pork and avocados to some types of semiconductors. The country is making efforts to increase imports amid a slowdown in the economy and a trade war with the United States.

Market participants also received several important macroeconomic reports. A Commerce Department report showed that orders for durable goods in the US unexpectedly fell in November. According to the report, orders for durable goods fell 2.0% in November after rising 0.2% in October. The sharp decline came as a surprise to economists, who had expected durable goods orders to rise 1.4% from a 0.5% increase in the previous month. With the exception of a sharp drop in orders for transport equipment, orders for durable goods did not change in November after rising 0.3% in October.

In a separate report, the US Department of Commerce said sales of new single-family homes rose 1.3% in November from October, to a seasonally adjusted annual level of 719,000 units. Economists forecast sales growth to 735,000 units. Meanwhile, sales in October were revised to 710,000 units from the originally announced 733,000 units. According to the report, the November growth in sales of new homes was driven by 52.4 percent growth in the Northeast and 7.5 percent growth in the West, which recorded the highest level of sales in two years. On an annualized basis, new home sales in November rose 16.9%.

Most of the DOW components completed trading in positive territory (18 of 30). The biggest gainers were The Boeing Co. (BA; + 3.00%). The outsider turned out to be the shares of The Walt Disney Company (DIS; -1.55%).

Most S&P sectors recorded an increase. The raw materials sector grew the most (+ 1.0%). The largest decline was shown by the utilities sector (-0.7%).

At the time of closing:

Dow 28,551.70 +96.61 + 0.34%

S&P 500 3,224.02 +2.80 + 0.09%

Nasdaq 100 8,945.65 +20.69 + 0.23%

U.S. stock-index futures rose slightly on Monday after China announced it would cut import tariffs on a wide range of goods and U.S. President Donald Trump said that Washinghton and Beijing would "very shortly" sign their initial trade pact.

Global Stocks:

(company / ticker / price / change ($/%) / volume)

Apple (AAPL) target raised to $350 from $325 at Wedbush

NIKE (NKE) target raised to $117 from $114 at Pivotal Research Group

3M (MMM) upgraded to Neutral from Underweight at JP Morgan; target raised to $150

Statistics Canada announced on Monday that the country's gross domestic product (GDP) edged down 0.1 percent m-o-m in October, following a 0.1 percent advance in September. That marked the first decline in eight months.

That was below economists' forecast for a 0.1 percent m-o-m growth.

According to the report, the manufacturing sector contracted 1.4 percent m-o-m in October due to broad-based declines in both durable (-2.3 percent m-o-m) and non-durable (-0.3 percent m-o-m) manufacturing. Retail trade dropped 1.1 percent m-o-m in October, recording its largest decline since March 2016, while wholesale trade fell 1.0 percent m-o-m, continuing its sequence of increases alternating with declines since July. Meanwhile, transportation and warehousing rose 0.6 percent m-o-m in October, while the mining, quarrying and oil and gas extraction sector edged up 0.1 percent m-o-m. The construction sector was flat m-o-min October as advances in non-residential construction (+0.5 percent m-o-m) and engineering and other construction activities (+0.2 percent m-o-m) were offset by losses in residential construction (-0.2 percent m-o-m) and repair construction (-0.3 percent m-o-m).

In y-o-y terms, the Canadian GDP rose 1.2 percent in October.