New York (CNN Business)US stocks climbed Friday on hopes for progress on the “phase one” trade deal between the United States and China, putting the S&P 500 on track for a new all-time high.

The S&P (SPX) climbed above its record closing high on July 26 around midday Friday. The stock index was up 0.5%.The Dow (INDU) and the Nasdaq Composite (COMP) both still have a little further to go to hit their July records. The Dow is up 0.6%, or 170 points, still some 370 points below its all-time closing high. The Nasdaq is up 0.6% and more than 1% below its closing record.All three indexes are on track for a gain this week, driven mostly by corporate earnings.Read MoreHowever, on Friday, the Office the US Trade Representative said that the United States and China made headway on finalizing their phase one trade agreement. This gave stocks a boost.The world’s two largest economies reached a preliminary trade agreement two weeks ago.

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