The Dow Jones Industrial Average on Monday hit a new high of 27,500 in morning trading, following recent records set by the S&P 500 and the Nasdaq.



A higher-than-expected jobs report on Friday and strong quarterly earnings have helped push stock markets past a summer slump.



ADVERTISEMENT

The economy added 128,000 jobs last month, well ahead of the 85,000-100,000 economists had predicted due to the now-finished General Motors strike.

The rally also follows comments from Commerce Secretary Wilbur Ross Wilbur Louis RossTrump admin asks Supreme Court to fast-track excluding people in U.S. illegally from census Trump 'very happy' to allow TikTok to operate in US if security concerns resolved TikTok, WeChat to be banned Sunday from US app stores MORE to Bloomberg that the U.S. was set to reach a “Phase One” trade deal with China by this month.

The trade war with China has been one of the central concerns for businesses and investors, and cited as a drag on the nation's economic growth prospects.



President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE, who is relying on a strong economy to fuel his reelection campaign, trumpeted the news on Twitter on Monday.



“Stock Market hits RECORD HIGH. Spend your money well!” he wrote.



