U.S. and Chinese officials confirmed Friday that they had made substantial progress and reached a "consensus on principles" in efforts to reach a deal, with Trump later telling the press that he would like to see a deal demonstratively signed somewhere in the USA by himself and Chinese President Xi Jinping.
USA stocks were in record-high territory Monday.
Stocks are broadly higher on Wall Street, pushing the Dow Jones Industrial Average toward an all-time high for the first time since July.
"What I'd be cautious of is that we've seen head fakes in the past on trade", said Art Hogan, chief market strategist at National Holdings.
BANKING ON PROFITS: The widening gap in yields helps banks, which make money by borrowing money at short-term rates and lending it out at longer-term rates while pocketing the difference.
The upswing is a welcome shift for investors after a rocky October, when ongoing trade uncertainty collided with a raft of recession warnings that cast doubt on the life span of the economic expansion, which is now the longest in USA history.
Chevron rose 4.8% and Morgan Stanley rose 2.6%. Energy stocks overall climbed 3.1% as the price of oil rose.
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The December crude contract was up 34 cents at US$56.54 per barrel and the December natural gas contract was up 10.7 cents at US$2.82 per mmBTU.
Stocks around the world jumped Monday, with the Stoxx Europe 600 up 1%, Hong Kong's Hang Seng ending up 1.6% and South Korea's Kospi rising 1.4%.
The S&P 500 rose 16 points, or 0.5%, to 3,083.
The athletic apparel company's class A shares plunged 18.9% after it said it has been cooperating with federal regulators for two years on an investigation into its accounting practices.
But the shift doesn't necessarily mean the all-clear for the economy and the market.
After drifting along in a narrow range for months, major indexes have climbed to record territory in recent days.
As stocks have climbed, a closely watched signal of recession risk in the bond market also has eased up.
Limiting the day's gains was a roughly 2.7% drop in shares of McDonald's Corp (MCD.N), which dismissed Chief Executive Steve Easterbrook over a consensual relationship with an employee.
While the broader market rallied Monday, some stocks lagged behind.