US STOCKS-S&P 500 hits record on trade optimism, Fed rate-cut expectations

The S&P 500 hit a record high on Monday, while the Nasdaq hovered just below its lifetime high touched in late July, as a more conciliatory tone between the United States and China buoyed hopes for a possible trade deal and investors anticipated a rate cut by the Federal Reserve later this week. Microsoft Corp shares climbed 2.54%, making the stock among the biggest boosts to each of three major indexes after the technology giant won the Pentagon's $10 billion cloud computing contract, beati