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S&P 500 hits fresh all-time high, boosted by strong earnings and US-China trade progress

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'Things are moving in a positive direction, we believe most people are too overly pessimistic and we're actually very optimistic heading into year-end,' said Chris Zaccarelli of Independent Advisor Alliance.

"The market is sending you a very strong message: The cyclical stocks are recovering and they are outperforming," said Andrew Slimmon, managing director at Morgan Stanley Investment Management. "If the economy was going to hit a really bad patch, these stocks wouldn't be recovering."

Microsoft shares contributed to Monday's gains, rising 2.5% on news the company won a $10 billion cloud contract from the Defense Department. AT&T gained more than 4% after announcing a three-year plan that includes the addition of two new board members and the sale of up to $10 billion worth of non-core businesses in 2020.

After hitting a new high on July 26, the S&P 500 suffered a sharp sell-off amid fears of an economic recession in August. That month, the S&P 500 dropped 1.8%. The index struggled through September but has rebounded strongly in October. It is now up more than 6% from that August low.

 

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