Wall Street slips from record levels on profit-taking

FILE PHOTO: A trader works on the floor at the opening bell of the New York Stock Exchange (NYSE) in New York, U.S., December 27, 2019. REUTERS/Bryan R Smith/File Photo

(Reuters) – Wall Street’s major indexes slipped on Monday as investors booked profits on the penultimate day of the decade after improving global sentiment fueled a U.S. market rally this month.

The announcement of a Phase 1 U.S.-China trade deal earlier in December has partly powered the record-setting run on Wall Street, with the benchmark S&P 500 closing at all-time highs in nine of the past 11 sessions.

Although the finer details of the agreement have not yet been disclosed, the South China Morning Post reported on Monday Chinese Vice Premier Liu He will visit Washington this week to sign the pact. But with thin trading volumes in a holiday-shortened week, some analysts expect a sideways move before the new year.

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