The stock market on Monday closed at record highs, one day after the Trump administration announced that the United States and China have agreed to a "substantial framework" in trade talks.

The framework comes as Chinese leader Xi Jinping and President Donald Trump are set to meet in South Korea on Thursday.

The S&P 500 climbed 1.23% to 6,875.16, marking the first time it's ever closed above 6,800 points, according to CNBC. The Nasdaq Composite rose 1.86% to 23,637.46, and the Dow Jones Industrial Average jumped 337.47 points to 47,544.59.