The Dow, S&P 500 and Nasdaq hit record highs

Indexes hit closing records amid further trade deal optimism

President Donald Trump once again cheered as all three of Wall Street's major indexes posted record closing highs on Monday, extending a recent run of gains, on hopes of a U.S.

Energy shares also rallied to follow crude-oil prices higher.

The Dow Jones Industrial Average closed in on its first record since the summer on Monday as the stock market's rally carried into a fifth week.

"While further tariff increases are no longer our base case, we believe the risks continue to lean in that direction, as a US-China deal that substantially reduces US tariffs continues to look much less likely than an eventual breakdown in talks that leads to renewed tariff escalation", Alec Phillips, Goldman Sachs' chief USA political economist wrote in a note to investors Monday.

The S&P 500 rose 13 points, or 0.4%, to 3,080. The Standard & Poor's 500 and Nasdaq indexes also rose from the record levels they had set last week. Bank of America rose 1.6%.

The S&P 500 finished 0.4% higher at 3,078 points, and the Nasdaq Composite climbed 0.6% to 8,433 points.

On the economic front, USA factory goods orders retreated 0.6 percent in September, following an 0.1-percent drop in August, the Census Bureau said Monday.

Wall Street has less to focus on this week following last week's steady flow of corporate results and economic reports.

"The market has risen in price almost two out of every three Novembers and has recorded the greatest percentage of new all-time highs since World War II", Sam Stovall of CFRA Research wrote in a research note Monday.

The Russell 2000 index of smaller company stocks rose 0.4%. -China trade deal, said Sam Stovall, chief investment strategist at CFRA.

"People's mindset shifted from a defensive "Sell in May" approach to the more cyclical approach, as is usually the case", he said. The U.S. government will release global trade data on Tuesday and investors will keep a close watch on the latest service sector survey, also expected Tuesday.

PIERCED ARMOR: Under Armour plunged 18.9% following revelations its accounting practices have been under federal investigation for two years. The company confirmed that it has been co-operating with the U.S. Securities and Exchange Commission and the U.S. Department of Justice.

OVERSEAS: European and Asian markets rose broadly.

McDonald's shares were down 2 percent in premarket trading after the fast-food juggernaut announced Sunday that chief executive Steve Easterbrook had been fired for a consensual relationship with an employee that violated company policy.

As stocks have climbed, a closely watched signal of recession risk in the bond market also has eased up.

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