U.S. stock markets set new record highs while the TSX also made gains to start the week on a broad-based rally induced by optimism over a trade deal between the U.S. and China.

The S&P/TSX composite index closed up 53.23 points at 17,056.36.

In New York, the Dow Jones industrial average was up 100.51 points at 28,235.89. The S&P 500 index was up 22.65 points at 3,191.45, while the Nasdaq composite was up 79.35 points at 8,814.23. All three markets closed at record highs after posting new intraday records.

The Canadian dollar traded for US76.09¢ compared with an average of US75.86¢ on Friday.

The January crude contract was up 14¢ at US$60.21 per barrel and the January natural gas contract was up 4.5¢ at US$2.34 per mmBTU.

The February gold contract was down 70¢ at US$1,480.50 an ounce and the March copper contract was up 3.05¢ at US$2.81 a pound.