The Dow Jones Industrial Average on Monday hit a new high of 27,500 in morning trading, following recent records set by the S&P 500 and the Nasdaq.
A higher-than-expected jobs report on Friday and strong quarterly earnings have helped push stock markets past a summer slump.
{mosads}The economy added 128,000 jobs last month, well ahead of the 85,000-100,000 economists had predicted due to the now-finished General Motors strike.
The rally also follows comments from Commerce Secretary Wilbur Ross to Bloomberg that the U.S. was set to reach a “Phase One” trade deal with China by this month.
The trade war with China has been one of the central concerns for businesses and investors, and cited as a drag on the nation’s economic growth prospects.
President Trump, who is relying on a strong economy to fuel his reelection campaign, trumpeted the news on Twitter on Monday.
“Stock Market hits RECORD HIGH. Spend your money well!” he wrote.
Stock Market hits RECORD HIGH. Spend your money well!
— Donald J. Trump (@realDonaldTrump) November 4, 2019
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