The S&P 500 closed at a record high Monday for the first time since July, likely buoyed by President Trump’s optimism about a limited trade deal with China and expected rate cut from the Federal Reserve.

The index closed at 3,039.42 in a week that will see more than 150 companies issue their earnings reports and the anticipated decrease in interest rates after the central bank meets Wednesday.

The blue-chip Dow Jones Industrial Average added 132 points or 0.49%, and the tech-heavy Nasdaq gained 1%.

The rally prompted a celebration from Trump earlier Monday after the S&P topped 3,027.98.

“This is a big win for jobs, 401-K’s, and, frankly, EVERYONE! Our Country is doing great. Even killed long sought ISIS murderer, Al-Baghdadi. We are stronger than ever before, with GREAT upward potential. Enjoy!” the president tweeted.

The S&P just hit an ALL TIME HIGH. This is a big win for jobs, 401-K’s, and, frankly, EVERYONE! Our Country is doing great. Even killed long sought ISIS murderer, Al-Baghdadi. We are stronger than ever before, with GREAT upward potential. Enjoy! — Donald J. Trump (@realDonaldTrump) October 28, 2019

Trump told reporters earlier in the day the United States and China may be “ahead of schedule” in signing a phase one trade deal, which was announced this month and relieved the escalating trade tensions between the world's two largest economies. The president said then that he believed the limited agreement could be signed when he is in Chile next month for the Asia-Pacific Economic Cooperation forum.

The deal, Trump said Monday, will “take care of the farmers, take care of some other things.”

While the U.S. economy has continued to expand, forecasters warned in recent months the country could be heading toward a downturn, especially amid a slowdown in global growth and the ongoing trade war with China.

Trump, however, largely rebuffed any notion the U.S. economy would slide into a recession and instead blamed the Federal Reserve for holding back economic growth.