The Dow, S&P 500, and Nasdaq all hit new highs Monday on the back of the phase one U.S.-China trade deal. The agreement represents a de-escalation in the trade fight between the world’s two largest economies and could help the market continue its impressive run to close out 2019.

The S&P 500 has climbed over 27% this year, driven by giants such as Apple (AAPL Quick QuoteAAPL - Free Report) , Microsoft (MSFT Quick QuoteMSFT - Free Report) , and Facebook . On top of that, U.S. unemployment currently rests at 50-year lows and IHS Markit expects the U.S. economy to expand 2.2% in 2020, above the Fed’s 2% growth projection. “The welcome signs of improvement help to ward off recession risks,” IHS Markit’s chief business economist Chris Williamson told the Wall Street Journal.

Meanwhile, the semiconductor industry is projected to bounce back in 2020, as part of a larger comeback. Looking ahead, S&P 500 earnings are projected to surge by 8.1% on 4.2% higher revenue next year, based on our Zacks estimates.

Clearly, uncertainty remains and Wall Street and investors hope that the U.S. and China will continue to make more progress on the trade front. But the phase one deal, along with House Democrat support for the new United States, Mexico, Canada Agreement to replace NAFTA, seems to be more than enough for now.

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