(CNBC) -- The S&P 500 hit a record high on Monday as investors cheered strong earnings and progress on U.S.-China trade.
The S&P 500 rose 0.6% to 3,039.42, closing above 3,027.98, the record set on July 26. The Dow Jones Industrial Average gained 0.5%, or 132.66 points to 27,090.72. The Nasdaq Composite climbed 1% to 8,325.99.
“The market is sending you a very strong message: The cyclical stocks are recovering and they are outperforming,” said Andrew Slimmon, managing director at Morgan Stanley Investment Management. “If the economy was going to hit a really bad patch, these stocks wouldn’t be recovering.”
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