(CNBC)
Fred Imbert Nov 4 2019 2:19 AM
The Dow Jones Industrial Average reached a milestone on Monday as investor sentiment was lifted by optimism around a potential U.S.-China trade deal.
The 30-stock index rose 128 points, or 0.5% to hit its first all-time high since mid-July. Goldman Sachs contributed the most to the gains, rising 1.1%. Trade bellwethers Boeing and Caterpillar also traded higher.
Apple is by far the best-performing Dow stock since the index hit its previous record, rallying more than 25%. Intel, J.P. Morgan Chase and United Technologies are all up at least 10% in that time.
Meanwhile, the S&P 500 and Nasdaq Composite climbed 0.5% and 0.7%, respectively, to fresh record highs on Monday.
U.S. Commerce Secretary Wilbur Ross said Sunday that American firms would be granted licenses to sell to Chinese telecom giant Huawei “very shortly.”
Ross’ comments came after China said Friday it reached a consensus with the U.S. in principle following trade talks last week.
China and the U.S. have been engaged in a trade war for more than a year, but expectations for a deal being signed have increased recently.
Last month, President Donald Trump said both sides had come to a “very substantial phase one” trade agreement that is expected to be signed later in November.
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