US STOCKS-Wall St hits new records, but telecom weighs on Dow
* 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: Dow flat, S&P up 0.2 pct, Nasdaq up 0.7 pct (Updates to midday trading)
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, boosted by accommodative actions from central banks in China and Europe. That factor could continue boosting markets as 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.
Cyclical stocks - tied to the pace of economic growth - led gains, with the S&P consumer discretionary sector up 0.8 percent. Financials rose 0.4 percent. Continuación...