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Wall Street rallies to record highs after Christmas break

➤ US, China in contact over signing trade deal.

➤ Dollar, Treasurys flat.

➤ European, Hong Kong markets closed.

Wall Street rallied to fresh highs after the Christmas break as markets awaited the signing of an interim trade deal between the U.S. and China.

The S&P 500 and NASDAQ Composite gained 0.2% each around 9:32 a.m. ET.

China and the U.S. are in contact regarding signing a phase one trade deal, the Chinese Commerce Ministry said, as the two camps undertake the necessary procedures ahead of the signing ceremony. U.S. President Donald Trump previously said that "the deal is done, it's just being translated right now."

The two countries reached the phase one pact Dec. 13, when U.S. Trade Representative Robert Lighthizer reportedly said the deal will be signed in the first week of January 2020.

The Shanghai SE Composite closed 0.9% higher and Japan's Nikkei 225 index was up 0.6%. Markets in Hong Kong and Europe were closed Dec. 26.

The Dollar Spot Index, which measures the currency against a basket of developed-market peers, was flat at 97.6060.

Sterling added 0.2% against the dollar, while the euro was flat. The Japanese yen fell 0.2%.

In the debt market, Treasurys were little changed as the 10-year yield stood at 1.901%.

Among commodities, Brent crude oil gained 0.3% to $67.39 per barrel on the ICE Futures Exchange, having previously hit $67.52, the highest since Sept. 17. Gold added 0.6%.

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The day ahead:

10 a.m. ET — U.S. State Street investor confidence index

4:30 p.m. ET — U.S. Fed balance sheet and money supply