NEW YORK, Sep. 14, 2009 (Xinhua News Agency) -- U.S. stocks ended higher on Monday after gains in utilities and industrial shares offset concerns about the potential trade war between U.S and China.
Stocks retreated in early trading after China, the world's fastest growing major economy, said it's probing U.S. sales of chicken and auto products for "unfair trade practices," after the U.S. imposed tariffs on Chinese tires last Friday. Traders worried about the growing tension coming ahead of the G-20 summit later this month in Pittsburgh.
However, AES Corp. (NYSE:AES) led utilities higher after the Wall Street Journal reported that China's sovereign wealth fund is considering buying a stake.
U.S. President Barack Obama delivered a key speech in New York on the one-year anniversary of the Lehman Brothers Holdings Inc.'s (OOTC:LEHMQ) collapse. Obama pushed for new financial regulation rules and called for global coordination in protecting economic recovery.
The Dow Jones added 21.39 to 9,626.80. Broader indexes went slightly higher. The Standard & Poor's 500 index rose 6.61 to 1, 049.34 and the Nasdaq rose 10.88 to 2,091.78.
