U.S. stocks jumped Monday after Commerce Secretary Wilbur Ross stoked hopes that a first phase trade agreement with China would get done. The comments helped investors shrug off some unfavorable news from companies including McDonald’s and Under Armour.

All three major stock indices sailed to fresh record intraday highs. The Dow hit a fresh intraday high for the first time since July 16, and closed at a record high of 27,462.72.

Here’s where the markets settled Monday at the end of regular equity trading:

• S&P 500 (^GSPC): +0.37%, or 11.37 points

• Dow (^DJI): +0.42%, or 114.89 points

• Nasdaq (^IXIC): +0.56%, or 46.8 points

• 10-year Treasury yield (^TNX): +4.9 bps to 1.777%

• Gold (GC=F): -0.07% to $1,510.40 per ounce

On Sunday, U.S. Commerce Secretary Wilbur Ross told Bloomberg News that he was confident the U.S. would reach the first part of a trade agreement with China this month, sticking to the timeline previously touted by the administration. Ross also said U.S. firms would receive licenses “very shortly” to begin selling parts to China’s Huawei. Shares of U.S.-based semiconductors including Qualcomm (QCOM) and Intel (INTC), which count Huawei as a customer, outperformed in early trading.

These comments came after the Office of the U.S. Trade Representative said in a statement Friday that Robert Lighthizer and Treasury Secretary Steven Mnuchin had a “constructive call” with China’s Vice Premier Liu He to discuss the phase one agreement. China’s Ministry of Commerce corroborated this with a statement of its own saying the sides had reached a “consensus on principles.”

More positive rhetoric emerging out of recent U.S.-China trade talks has also led at least one firm to pare back its expectations for further tariff escalation. Goldman Sachs analyst Alec Phillips wrote in a note to clients that he believed “tariffs on imports from China have likely peaked,” and that levies would likely remain at current levels through 2020. Assuming the first-phase trade agreement gets signed, Phillips expects the White House will cancel tariffs set to take effect December 15.

Recent upbeat U.S.-China trade remarks, as well as some estimates-beating economic data and a fresh injection of monetary policy stimulus last week, have combined to push risk assets higher, breaking them free of the weight of uncertainty from earlier this year.

“A confluence of better-than-expected economic data, Q3 earnings results and a third 25-basis point rate cut by the Federal Reserve Board along with some encouraging missives surrounding trade talk progress helped push stocks higher stateside and worldwide last week,” John Stoltzfus, Oppenheimer equity strategist, wrote in a note.