The Dow could close at a record high Monday

Posted at 8:52 AM, Nov 04, 2019

(CNN) -- US stocks were in record-high territory Monday. That's nothing new. Stocks hit new records last week. But this time the Dow is joining the record-setting club.

Stocks were higher on continued hopes that the United States and China will reach full trade agreement.

The Dow jumped some 130 points, or 0.5%, while the S&P 500 was also up 0.5%. The Nasdaq Composite climbed 0.6% higher.

All three indexes were at all-time highs at the opening bell, but whether these gains will stick until the close remains to be seen.

Still, the Dow could surpass a record set in mid-July. It already set a new one for the highest intraday level. The magic number it needs to close above is 27,359.16 points.

Both the S&P and the Nasdaq 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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