Dow hits new record high

Dow hits new record high
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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.

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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 RossWilbur Louis RossPelosi gets standing ovation at Kennedy Center Honors Space race is on: US can't afford congressional inaction in this critical economic sector Trump escalates fight over tax on tech giants 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 TrumpDonald John TrumpThe Hill's Morning Report - Sponsored by AdvaMed - House panel expected to approve impeachment articles Thursday Democrats worried by Jeremy Corbyn's UK rise amid anti-Semitism Warren, Buttigieg duke it out in sprint to 2020 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.