Wall Street opens decisively higher, S&P touches new record high

  • Phase-one of US-China trade deal is expected to be signed in November.
  • S&P 500 rose to a new all-time high on Monday.
  • Risk-sensitive Technology Index is outperforming on trade optimism. 

Wall Street's main indexes started the day sharply higher on Monday fueled by the positive risk sentiment. As of writing, the Dow Jones Industrial Average was up 0.7% on the day while the S&P 500, which touched a fresh record high of 3,042 points, and the Nasdaq Composite were adding 0.55% and 0.85%, respectively.

Earlier in the day, US President Donald Trump noted that they were "ahead of schedule" regarding the phase-one of the US-China trade agreement and said that he was expecting to sign the deal with China at the APEC meeting in Chile.

The risk-sensitive Technology Index and the Communication Services Index are both up around 1% in the early trade to lead the rally. 

On the other hand, the defensive Utilities and Real Estate sectors were both posting losses at the time of press to confirm the upbeat market mood. 

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