Alibaba, Baidu stocks shoot higher after Trump ZTE tweet

Shares of Chinese internet names are trading higher in Monday's session after President Donald Trump tweeted his support for ZTE Corp., a Chinese smartphone maker that had been banned from buying U.S. components. Trump's interest in working with China to find relief for ZTE suggests a potential relaxation of trade-war tensions. Baidu Inc.'s stock is up 2.3% in Monday trading and on pace to close at a new all-time high. Shares of iQiyi Inc. a streaming company that recently spun off from Baidu, are up 7.4%. Shares of Alibaba Group Holding Inc. JD.com Inc. and Sina Corp. are all up in midday trading Monday, while the S&P 500 is up 0.3%.