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 (INDU) closed up 0.4%, or 115 points, at 27,462 points, succeeding the record its set on July 15.
The S&P 500 (SPX) finished 0.4% higher at 3,078 points, and the Nasdaq Composite (COMP) 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.