The record highs came as White House Economic Adviser Larry Kudlow said late Thursday that the U.S. and China are drawing closer to striking a trade deal, pumping investors with some optimism that a resolution could soon be reached.
"For the market you want more definition of what "close" means, and Larry Kudlow seemed to help with that definition", Krosby told The Post.
The Dow Jones Industrial Average rose 199.08 points, or 0.72%, to 27,981.04.
"The belief is that perhaps, even though the numbers in the United States are barely expansionary ... the fact that China is slowing down means that there is perhaps economic leverage on the US side and that China will sign on to whatever", said Juan Perez, senior foreign exchange trader and strategist at Tempus Inc.
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The United States is getting close to a trade agreement with China, White House economic adviser Larry Kudlow said on Thursday (Nov 14), citing what he called very constructive discussions with Beijing. The S&P 500, which hit an all-time high of $3,114.53, was up 0.4 percent at 3,110.18.
The fourth quarter, which tends to be the best period for corporate earnings, will likely be supportive of stocks, but poor macroeconomic data or a political event could trigger a downturn, Shah said. The tech-rich NASDAQ has gained 4.1% in that time.
Nine of the 11 major S&P 500 sectors were higher, with the trade-sensitive technology sector rising the most with a 0.59% gain.
United States gold futures were down 0.4 per cent at $1,468.20 an ounce.
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Spot gold dropped 0.2% to US$1,468.38 an ounce, while benchmark 10-year U.S. Treasury notes fell 2/32 in price to push yields up to 1.8221%.
The Swiss franc - which fell below the 1.09 threshold on Thursday when risk aversion gripped markets - recovered to trade at 1.09185 per euro, up 0.2% on the day. The yen JPY= weakened 0.36% versus the greenback at 108.82 per dollar.
Oil futures gained almost 2%.
Gold fell off the bullish $1,500 perch after Federal Reserve Chair Jay Powell suggested that the US central bank's third straight rate cut of a quarter point in October would be its last for the year.
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Brent crude gained $1.02 to settle at $63.30 a barrel, while West Texas Intermediate crude rose 95 cents to settle at $57.72 a barrel.