The Dow could hit a record high today
US stocks could hit a new all-time highs Monday. That’s nothing new. Stocks hit new records last week. But this time the Dow could join the record-setting club.
The stock market is set to open higher on continued hopes that the United States and China will reach full trade agreement.
Dow futures are up some 140 points, or 0.5%. Futures for the S&P 500 are also up 0.5% and those for the Nasdaq Composite are up 0.7%.
With that boost, the Dow could surpass a record set in mid-July. The magic number the Dow needs to close above is 27,359.16.
Both the S&P and the Nasdaq closed at all-time highs on Friday. The S&P set three records last week alone.
Although there is little new on the trade front on Monday, last week’s hopes for a US-China trade deal were buoyed again after Commerce Secretary Wilbur Ross expressed optimism over a deal in a Bloomberg interview. Ross also said that US companies selling parts to China’s Huawei would receive licenses to do so.
The two largest economies in the world agreed a “phase one” deal in October, and were meant to sign it at the APEC meeting in Chile. However, Chile is no longer hosting. President Donald Trump said in a tweet last week Thursday that Beijing and Washington are working on finding a new place for the signing.
