The Nasdaq Composite crossed the 9,000 level for the first time Thursday as the major averages extended a Santa Claus rally that began on Tuesday.

While the term might imply a one-day window, it's used on Wall Street to refer to gains made on the last five trading days of the year and the first two of the following year.

Thursday's increase came after Beijing confirmed that it is in close contact with the United States about signing a partial trade agreement.

All three of the major averages closed in record territory and touched fresh intraday peaks. The Nasdaq has now closed at a record high in 10 straight sessions, the longest streak since July 1997. Read more at FOX Business