There’s a positive tone to markets at the start of the week. Investors appear to have shrugged off the recent bout of credit angst and revived trade jitters, leaving the S&P 500

SPX likely to open Monday’s session only about 1% shy of its record closing high.

Helping the bullish mood is a belief that the White House will continue to row back on statements that initially cause a market wobble. Bonds are also providing support, with the benchmark 10-year Treasury yield just above 4%, near 12-month lows, as investors express less concern about Washington’s fiscal profile and look ahead to more interest rate cuts by the Federal Reserve.