(CNBC) -- Stocks climbed higher on Monday, hitting new records, as the year-end rally continues.
The Dow Jones Industrial Average traded about 96 points higher to 28,551.77, while the S&P 500 rose 0.1% to 3,224.01 and the Nasdaq Composite advanced 0.2% to 8,945.65. The major averages all posted new record closes. Shares of Boeing led the gains, jumping 2.9% after the company ousted CEO Dennis Muilenburg amid the 737 Max crisis.
Investors cheered the news that China will cut import tariffs on a wide range of goods. China’s finance ministry announced starting January 1, it will lower import tariffs on over 850 products ranging from frozen pork to some types of semiconductors. China is making efforts to boost imports amid a slowing economy and a trade war with the U.S.
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