Rally Fizzles Amid Political Concerns -- U.S. Commentary

(RTTNews) - U.S. stocks failed to sustain early gains on Monday amid lingering concerns about a potential trade war between the U.S. and China.

There was some initial optimism when Donald Trump made a conciliatory gesture toward Chinese leadership.

"President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!," Trump tweeted.

Powered by bargain hunting after Friday's drubbing, the Dow jumped 350 points at one point. However, traders quickly booked profits, leaving the major averages only fractionally higher.

Stocks accelerated toward the unchanged line after a report from the New York Times that the FBI had raided the office of Michael Cohen, President Donald Trump's personal lawyer

The Dow Jones Industrial Average rose 0.2%, or 47 points, to 23,980. The S&P 500 gained 9 points, or 0.3%, to 2,613. The Nasdaq Composite Index rose 35 points, or 0.5%, to 6,950.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index rose by 0.5 percent and Hong Kong's Hang Seng Index tumbled by 1.3 percent.