The Dow climbed 83.28 points, or 0.29%, to end the day at 28,907.05. The S&P 500 and Nasdaq Composite rose 0.70% and 1.04%, respectively, to record highs. Stocks rose as optimism around the signing of the so-called phase one trade deal increased.
CNBC learned through a source that the U.S. was ready to remove the currency manipulator label from China ahead of the Wednesday's phase-one trade deal signing. The news lifted stocks to their highs of the day and helped the S&P 500 and Nasdaq reach all-time highs. But the rising hopes around U.S.-China trade relations come ahead of a much-anticipated earnings season in which profits are expected to slump. With stocks trading near all-time highs, the market could experience some volatility.
Tesla shares jumped 9.77%, breaking above $500 per share for the first time after an analyst at Oppenheimer hiked his price target to $612 per share from $385 per share. The new price target makes the analyst the biggest sell-side bull on the Street.