Dow rallies to first all-time high since January

Andrew Burton/Getty Images

A trader works on the floor of the New York Stock Exchange.

Stocks surged to record highs Thursday as markets shook off escalating trade tensions around the globe. The Dow Jones industrial average hit a fresh peak for the first time since January. The dollar slipped to its lowest level since August, and Treasury yields jumped.

Here's the scoreboard:

Dow Jones industrial average: 26,657.25 +251.49 (0.95%)

S&P 500: 2,931.84 +23.89 (0.82%)

Nasdaq Composite: 8,028.23 +78.19 (0.98%)

1. As threats to exclude Canada loom, NAFTA talks drag on. Meeting for a second day, US Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland were expected to discuss sticking points like dairy-market access and how trade disputes should be settled. President Donald Trump recently said the US could move forward solely with Mexico if Canada doesn't make concessions.
2. Marking the first year-over-year increase since 2015, US housing supply rose nearly 3% in August. Meanwhile, existing-home sales flattened last month at a seasonally adjusted annual rate of 5.34 million units, the National Association of Realtors said, down more than 1% from a year earlier.
3. Household wealth hit record levels in the US, remaining skewed to the most affluent. Rising more than 2% between April and June to a peak of $106.9 trillion, according to the Federal Reserve, the figure offers another signal of a humming economy and stock market. But it doesn't reflect the experiences of most American households, the Associated Press reports.
4. Trump took aim at the Organization of Petroleum Exporting Countries for energy costs, demanding on Twitter the cartel "get prices down now!" Oil prices have remained close to four-year highs as countries prepare for US sanctions against Tehran that will effectively cut off Iranian production for much of the world. Crude prices shed 1% following the tweet, which added Middle Eastern countries "would not be safe for very long" without the US.

And a look at the upcoming economic calendar:

• Canada releases data on consumer prices and retail sales.
• Factory activity numbers are out in Germany and France.
• OPEC and Russia meet to discuss coordinated oil production levels.