"At the end of the day, the EU needs U.S. weapons to keep Ukraine afloat into its struggle for survival against Russia."

Business leaders on both sides of the Atlantic breathed a sigh of relief that the U.S. and European Union had averted a bruising trade war.

The S&P 500 and the Nasdaq opened at record highs, while the Dow was on the cusp of that as optimism from a U.S.-EU trade pact set the stage for a week packed with megacap earnings, a Fed meeting, and an approaching U.

Several European Union officials responsible for negotiating Sunday’s trade agreement with the US think the deal they hammered out was the least-bad option available to the bloc, according to people familiar with their thinking.