US STOCKS-Wall St surges to new records, boosted by cyclicals
* Wall Street closed a fifth week of gains on Friday
* RenaissanceRe to buy Platinum for $1.9 bln
* Cyclical shares lead while telecom falls
* Indexes up: Dow 0.1 pct, S&P 0.2 pct, Nasdaq 0.4 pct (Updates to market open)
By Ryan Vlastelica
NEW YORK, Nov 24 (Reuters) - U.S. stocks rose on Monday, with major indexes hitting fresh records on the back of multiple merger deals and hopes that China will take further accommodative monetary policy action.
Equities closed a fifth straight week of advances Friday, with the Dow and S&P 500 ending at closing records on the back of accommodative action from central banks in China and Europe.
Sources told Reuters that the Chinese leadership and central bank were ready to cut interest rates again and loosen lending restrictions. Such policy changes in the world's second-biggest economy could spur more market gains.
"The carry-over effect from China, taken with the fact that the U.S. is pretty healthy, and you have a market with a bias to trend higher, especially on the cyclical front," said Mike Gibbs, who helps oversee more than $500 billion as co-head of the equity advisory group at Raymond James in Memphis, Tennessee. Continuación...