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China Economic Reforms Boost Stocks

Stock prices rose to record highs in the United States and made strong gains in China on Monday.

In New York, the Dow Jones Industrial Average rose above 16,000 for the first time, while the S&P 500 hit a record above 1,800.

Earlier, Hong Kong's Hang Seng Index advanced a strong 2.7 percent.

Analysts say investors were encouraged by China's pledge to expand economic freedoms, which they apparently think will move the world's second-largest economy toward more sustainable growth.

The state-run Xinhua news service said the reforms would bring changes for farmers and state-owned enterprises and make it easier for private companies to compete.