The Dow, S&P 500 and Nasdaq hit record highs amid optimism over new US-China trade deal

 

NEW YORK (CNN) — US stocks hit historic highs again on Monday. But this time the Dow joined the record-setting club as well.

All three major stock indexes — the Dow, S&P 500 and Nasdaq Composite — finished at their highest level on record. Markets around the world were trading higher on hopes that the United States and China will reach a full trade agreement.

The Dow closed up 0.4%, or 115 points, at 27,462 points, succeeding the record its set on July 15.

The S&P 500 finished 0.4% higher at 3,078 points, and the Nasdaq Composite climbed 0.6% to 8,433 points. They both closed at all-time highs on Friday. The S&P set three records last week alone.

Although there is little new on the trade front on Monday, last week’s hopes for a US-China trade deal were buoyed again after Commerce Secretary Wilbur Ross expressed optimism over a deal in a Bloomberg interview. Ross also said that US companies selling parts to China’s Huawei would receive licenses to do so.

The two largest economies in the world agreed a “phase one” deal in October and were meant to sign it at the APEC meeting in Chile. However, Chile is no longer hosting. President Donald Trump said in a tweet last week Thursday that Beijing and Washington are working on finding a new place for the signing.

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