Stocks closed well off their session highs on Monday as shares of Amazon and Boeing rolled over. Traders said a report that FBI officers had raided the office of President Donald Trump's personal lawyer also fueled the late-day decline.

The Dow Jones industrial average rose 46.34 points to 23,979.10, with Merck and Intel as the best-performing stocks in the index. The gained 0.3 percent to close at 2,613.16, with tech surging 0.8 percent. The Nasdaq composite advanced 0.5 percent to 6,950.34.

Amazon shares had risen as much as 2.3 percent before closing just 0.1 percent higher. Boeing gained as much as 2.7 percent before ending the session down 1.1 percent.

At its session high, the Dow rose as much as 440.42 points. Meanwhile, the S&P 500 and Nasdaq gained as much as 1.9 percent and 2.3 percent, respectively.

"It's certainly sending it down into the close," said Andrew Brenner of National Alliance Securities, about the report, which was later confirmed by NBC News. "I think the equities market was having its own negative momentum."

The New York Times reported the FBI raided Michael Cohen's office. Cohen is Trump's longtime personal lawyer.

Stocks rallied earlier after the U.S. had slightly softened its tone against China. Treasury Secretary Steven Mnuchin told CBS on Sunday he does not expect a trade war between the U.S. and China to take place. Mnuchin made his comments after telling CNBC's "Power Lunch" on Friday that a trade war between the two largest world economies was possible.

Trump himself said in a tweet Sunday: "President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!"

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Last week, China announced fresh tariffs on 106 U.S. products, which then saw Trump going on to threaten more levies, saying that he had asked the United States Trade Representative to consider $100 billion in additional tariffs against the Asian nation.

The trade news left Wall Street on edge last week, with the S&P 500 falling more than 1 percent in the time period. The Dow and Nasdaq also declined last week.