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- The Dow Jones industrial average joined major US stock indexes at record highs Monday, climbing on positive trade-deal hopes.
- The US and China are “making good progress” on a partial trade deal, US commerce secretary Wilbur Ross told Bloomberg Sunday.
- The S&P 500 and Nasdaq Composite posted record highs on Friday after a better-than-expected jobs report drove stocks higher. The healthy payroll gains cooled worries of US economic slowdown.
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The Dow Jones industrial average joined major indexes at record intraday highs Monday morning, climbing on positive trade-deal sentiments.
Here’s a look at the major indexes as of 1: 22 p.m. ET Monday:
- The S&P 500 gained 0.45%, to 3,080.71.
- The Dow Jones Industrial Average climbed 0.41%, to 27,458.86.
- The Nasdaq Composite jumped 0.63%, to 8,438.96.
The Dow is up roughly 18% year-to-date. Chevron was the biggest gainer in the 30-stock index on Monday, rising as much as 4.9%.
The record high comes amid new hopes for a “phase one” trade deal between the US and China. US commerce secretary Wilbur Ross told Bloomberg on Sunday that the two nations are “making good progress” in negotiations. He added that licenses for US firms to sell parts to China’s Huawei Technologies would be issued “very shortly.”
President Trump said Friday a partial trade deal with China could be signed in Iowa as soon as this month.
“China wants to make the deal very much,” Trump said. “I don’t like to talk about deals until they happen, but we’re making a lot of progress.”
Stocks were driven higher Friday on a positive jobs report. The Bureau of Labor Statistics said the US economy added 128,000 payrolls in October, higher than the 85,000 estimate. The better-than-expected job gains eased worries of a slowing US economy amidst the trade war and a 40-day strike at General Motors.
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