US Stocks Hit Record Highs as 2020 Trading Starts
Stocks on Wall Street hit record highs on the first trading day of 2020, extending their rally from last year in anticipation that the preliminary US-China trade deal will be signed in less than two weeks
The S&P500 index, which measures the value of the 500 largest US corporations by market capitalization, rose 0.4 percent to 3,244 by 10:15 AM ET (15:15 GMT) after hitting a record high at 3,250. The S&P rose 30 percent last year for its best advance since 2013.
The technology-heavy Nasdaq Composite Index gained 0.6 percent to 9,029, after setting an all-time high at 9,061. The technology sector was the darling of Wall Street investors last year, lifting the Nasdaq by 36% for the index's best performance in six years.
US stocks' broad Dow Jones Industrial Average rose 0.5 percent to 28,666. Earlier in the session it hit an all-time high at 28,747. The Dow rose 23 percent last year for its best performance since 2017.
Thursday's rally was in belated reaction to the US President Donald Trump's tweet on New Year's eve that the trade deal with China will be signed at the White House on January 15.
US stocks aside, European and Asian equity markets also jumped on the first trading day of 2020 as China loosened its monetary policy by trimming the reserve requirement for its domestic banks that freed up the equivalent of $115 billion in liquidity.