Dow Gains 10,000th Point Since Trump's Election

Wall Street stocks notched record closing highs on Monday, as the Dow Jones Industrial Average gained 10,000 points since Donald Trump was elected president.

Cooling trade tensions between Washington and Beijing and upbeat economic data from China boosted investor sentiment.

The Dow's high point on Monday was 28,337.49, according to CNBC. The Dow closed at 18,332.74 on Nov. 8, 2016, CNBC reported.

The Dow has rallied more than 54 percent since Trump’s election victory, while the benchmark S&P 500 has gained more than 46 percent, Fox Business Network reported.

The Dow Jones Industrial Average rose 100.51 points, or 0.36%, to close at 28,235.89, the S&P 500 gained 22.65 points, or 0.71%, to 3,191.45 and the Nasdaq Composite added 79.35 points, or 0.91%, to 8,814.23. The Dow surpassed its November closing high, while the S&P 500 and Nasdaq marked record closes for the third straight session.

“The rally has been driven by pro-growth measures, de-escalation of trade tensions, huge liquidity injections by central banks and a FOMO approach by investors worried about missing out on a remarkable U.S. market outperformance that has set one record high after the other.” Mohamed El-Arian, Newmax Finance Insider and chief economic adviser at Allianz, told Fox Business Network.

Meanwhile, Friday's announcement of an interim trade deal between the world's two biggest economies has lifted prospects for the global economy, several analysts said.

Although growth in China is expected to continue moderating, the trade developments brightened the country's economic outlook.

Adding to the optimism, data released early on Monday showed China's industrial output and retail sales growth accelerated in November.

The U.S.-China trade deal suspended tariffs scheduled to take effect on Dec. 15 on a variety of consumer products, including Apple Inc's iPhone. Apple shares rose 1.7% and provided the biggest boost to the S&P 500 and Nasdaq .

Shares of chipmakers, among the most trade-sensitive stocks, also rose. The Philadelphia SE Semiconductor index gained 1.0%.

"It validates the best-case scenario people were expecting," Oliver Pursche, chief market strategist at Bruderman Asset Management in New York, said of the removal of tariffs.

Accommodative monetary policy by the Federal Reserve this year and mostly encouraging U.S. economic data have also helped push Wall Street stocks to record levels. The benchmark S&P 500 index is up more than 27% this year and on track for its highest annual percentage gain in six years.

"The Fed is increasing the size of its balance sheet, and that generally translates to a good equity market," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "I'm not sure we need much more."

Shares of UnitedHealth Group and Amgen jumped after Goldman Sachs added both companies to its "conviction list." UnitedHealth shares rose 2.3%, and Amgen shares moved 2.7% higher.

Boeing Co. shares fell 4.3%, limiting gains on the Dow, on reports that the planemaker was considering whether to cut or halt production of its grounded 737 MAX aircraft.

Advancing issues outnumbered declining ones on the NYSE by a 2.39-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored advancers.

The S&P 500 posted 77 new 52-week highs and no new lows; the Nasdaq Composite recorded 225 new highs and 54 new lows.

Volume on U.S. exchanges was 7.48 billion shares, compared with the 6.85 billion average for the full session over the last 20 trading days.