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What happened to the stock market Monday: S&P, Nasdaq hit records

Traders work on the floor at the New York Stock Exchange.

Brendan McDermid | Reuters

Dow Jones Industrial Average rises 83 points

The Dow climbed 83.28 points, or 0.29%, to end the day at 28,907.05. The S&P 500 and Nasdaq Composite rose 0.70% and 1.04%, respectively, to record highs. Stocks rose as optimism around the signing of the so-called phase one trade deal increased.

China no longer a currency manipulator

CNBC learned through a source that the U.S. was ready to remove the currency manipulator label from China ahead of the Wednesday’s phase-one trade deal signing. The news lifted stocks to their highs of the day and helped the S&P 500 and Nasdaq reach all-time highs. But the rising hopes around U.S.-China trade relations come ahead of a much-anticipated earnings season in which profits are expected to slump. With stocks trading near all-time highs, the market could experience some volatility.

Tesla surges above $500 per share

Tesla shares jumped 9.77%, breaking above $500 per share for the first time after an analyst at Oppenheimer hiked his price target to $612 per share from $385 per share. The new price target makes the analyst the biggest sell-side bull on the Street.

What happens next?

Citigroup and J.P. Morgan Chase are among the companies set to kick off the corporate earnings season on Tuesday. Inflation data will also be on investors’ radars in the next session. Read more here.

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