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(CNN Business) —  

The S&P 500 set a new closing record on Monday, surpassing its all-time high from last month, as investors breathe a sigh of relief and global stocks rally following the trade developments over the weekend.

While stocks lost some steam after opening sharply higher, the S&P 500 (SPX) climbed 0.8% to close at 2,964 points. The index also surpassed its previous all-time intraday higher right after the opening bell.

The Dow (INDU) climbed past its best-ever closing record when the market opened but fell back as the day went on. The benchmark finished just 0.4%, or 117 points, higher. The Dow (INDU) remains 0.4% below the record it set in October.

The Nasdaq Composite (COMP) closed 1.1% higher.

President Donald Trump and China’s Xi Jinping agreed to shelve new import tariffs and continue trade talks. Trump also pledged to reverse his approach to Chinese tech giant Huawei, walking back a ban for American companies to do businesses with it.

Trump also met with North Korea’s Kim Jong-Un in the demilitarized zone of the Korean peninsula, which is getting investors excited for a new round of denuclearization talks.

“However, it’s important for investors to remember that existing tariffs remain in place, meaning the current drag on growth and earnings will continue,” Alec Young, Managing Director of Global Markets Research, FTSE Russell, wrote in a research note. “This comes at a time when global PMI data shows continued manufacturing weakness in China, Europe and even the US.”

In Vienna, the Organization of Petroleum Exporting Countries is beginning a two-day meeting, which has markets excited for a continuation of production cuts.

Production cuts are intended to put a floor into oil prices. However, United States oil production is surging, and that hampers the argument for higher oil prices.

US oil prices were up more than 2% earlier in the day but then pared their gains. Oil futures settled 1.1% higher at $59.09 a barrel, according to CME.