US President Donald Trump said on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing.

“We are looking probably to be ahead of schedule to sign a very big portion of the China deal, we’ll call it Phase One but it’s a very big portion,” he told reporters at Joint Base Andrews before leaving on a visit to Chicago.

The S&P 500 hit record high at open on rising hopes of a US-China trade deal, while bets that the Federal Reserve would lower borrowing costs at its policy meeting this week also brightened the mood.

The Dow Jones Industrial Average rose 82.27 points, or 0.31 percent, at the open to 27,040.33.

The S&P 500 opened higher by 9.57 points, or 0.32 percent, at 3,032.12. The Nasdaq Composite gained 42.65 points, or 0.52 percent, to 8,285.77 at the opening bell.