All three of the major averages closed at record highs Monday after China issued a document to “effectively curb” violations of intellectual property rights such as trademarks and copyrights.

The S&P 500 and Nasdaq set new intrday peaks while the Dow Jones Industrial Average traded within 25 points of its own high.

President Trump touted the strong market in a tweet on Monday.

"Another new Stock Market Record. Enjoy!" he wrote.

Trade sensitive Caterpillar gained as did chipmakers AMD and Micron Technology, which have heavy exposure to China. Boeing was also higher, shaking off the departure of its top communications officer.

It was a busy Monday morning on the deal front as Charles Schwab announced it agreed to buy TD Ameritrade in an all-stock deal worth $26 billion. The transaction was first reported last week by FOX Business' Maria Bartiromo.

European luxury goods maker LVMH is buying Tiffany for $16.2 billion, or $135 a share in cash. The French company said the deal will strengthen its presence in the U.S.

EBay reached an agreement to sell its online ticket marketplace StubHub to the Geneva, Switzerland-based Viagogo Entertainment for $4.05 billion.

Meanwhile, HP rejected Xerox's $33.5 billion hostile takeover attempt, saying it "significantly undervalues" its business. Xerox has vowed to take the offer to HP's shareholders.

Uber shares were under pressure after the company lost its license to operate in London. The ride-sharing company will continue to operate in the city while it appeals the decision.

Elsewhere, Tesla rallied after CEO Elon Musk tweeted the electric-car maker has received 200,000 orders for its futuristic pickup truck Cybertruck.

Beyond Meat gained after Reuters reported rival Impossible Foods is in talks with investors about a private fundraising round that could more than double its valuation. Read more at FOX Business