About Time. After several failed attempts, the Dow Jones Industrial Average finally closed above 50,000 for the first time in months.

The blue-chip index rose 371 points, or 0.8%, on Thursday. It was boosted by a blockbuster earnings report from Cisco System, which closed 13% higher.

The Nasdaq Composite and the S&P 500 also had a good day, both notching new records, gaining 0.9% and 0.8%, respectively.

The broader market rally has a lot to do with the news coming out of President Donald Trump and Chinese leader Xi Jinping’s meeting in Beijing. While the first day of their summit was light on concrete deals, the overarching take is that both countries are eager to tone down their economic rivalry.

Trump talked about increasing economic ties, while Xi mentioned the possibility of U.S. companies enjoying “even broader prospects in China.” They also agreed that Iran can’t be allowed to have a nuclear weapon and that the Strait of Hormuz must remain open. Of course, there were some moments of tension, including Xi’s warning that mishandling Taiwan could lead to conflict and an “extremely dangerous situation.”

Both leaders will meet again on Friday, when analysts expect more nuanced conversations on technology, trade, and Iran, as well as maintaining U.S. access to rare-earth metals. That’s also when we’re likely to hear about smaller agreements between the two countries. Check out this week’s issue of Barron’s Global Signals for a more detailed rundown of what specific stocks and sectors could benefit from potential trade deals, including agriculture, semiconductors, and self-driving cars.

There’s still a lot on the docket for tomorrow—and a lot of potential tripwires that could shake the veneer of stability that both countries are trying hard to project.

The Hot Stock: Cisco Systems +13.4%
The Biggest Loser: Biogen -6.4%

Best Sector: Information Technology +1.9%
Worst Sector: Materials -0.8%

China may be the focus of today’s biggest headlines, but there’s important news coming out of Washington, too. The Senate Banking Committee voted to advance a bill that the crypto industry has championed for a long time.

The Clarity Act would place most crypto trading under the purview of the Commodity Futures Trading Commission. Crypto trading platforms like Coinbase have fought for this development for years, arguing it’s a precursor to broader institutional adoption of cryptocurrencies that could unlock trillions in investment for Bitcoin and other tokens, writes my colleague Joe Light.

The bill passed the committee in a 15-9 vote, largely along party lines, with the exception for two Democratic senators who caveated their support by saying the final bill needs to include a provision that keeps Trump and his family from making money of crypto. Now the bill’s supporters are racing against the clock: the legislation still needs to pass both chambers of Congress before reaching the president’s desk—and hopefully before midterm elections when lawmakers will be focused on campaigning.

Still, the vote was an overwhelmingly positive outcome for the crypto industry. Both cryptocurrencies and crypto-adjacent companies extended their gains after the vote. Bitcoin had risen about 3% in the last 24 hours to about $81,400 and Ethereum gained 1.8% to reach $2,298. Shares of Coinbase Global, which is listed on the Nasdaq, jumped 5% to $212.01 over the same time period.

RBC Bearings releases fourth-quarter fiscal-2026 results tomorrow.

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