U.S. Equities closed at new records amid optimism over China trade relations and a fresh wave of merger and acquisition activity. The US Dollar strengthened. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite Indexes reached all-time highs after China said over the weekend that it will tighten intellectual property rules, a move aimed at boosting the chances of a trade deal between the two largest economies. Tech shares led the gains. Charles Schwab Corp. agreed to buy TD Ameritrade Holding Corp., while LVMH purchased U.S. jeweller Tiffany & Co. Trade momentum rose in September for the first time in four months, according to the CPB’s World Trade Monitor. The latest three-month figures offer a little upbeat news about global commerce at a time when the end-game for a “phase one” U.S.-China deal remains murky. Elsewhere, China was planning a record sale of sovereign bonds in dollars, with a potential $6 billion offering, according to people familiar with the discussions. West Texas-grade Oil Futures drifted higher. Bitcoin dropped as much as 11% before paring the decline.
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