(CNBC) -- Stocks hit record highs on Monday and were on pace for their fourth straight gain as a so-called phase one trade deal between China and the U.S. clears the path higher for Wall Street to end a banner year.
The Dow Jones Industrial Average traded 168 points higher, or 0.6%. The S&P 500 gained 0.9% while the Nasdaq Composite jumped 1.1%.
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“This has been the thing that, personally, I’ve been looking for all year,” said Kim Forrest, founder of Bokeh Capital, referring to the trade agreement. “Increased trade is going to allow companies to start spending again on capital expenditures. That had been frozen, and most of most of those are technology purchases.”