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Post by bot on Jan 9, 2020 16:32:19 GMT -5
Dow sets second record close of 2020 as stocks rally on trade optimism, fading Mideast tensions
U.S. stocks set new records Thursday, with all three major benchmarks notching fresh all-time intraday and closing highs after the Chinese government confirmed it would sign a phase-one trade deal with the U.S. next week. The Dow Jones Industrial Average rose 213 points, or 0.7% to about 28,958 and the S&P 500 index gained roughly 22 points, or 0.7% to end the session at 3,275. The Nasdaq Composite index , meanwhile, closed at about 9,203 after adding 74 points, or 0.8%. Analysts said that a combination of factors have conspired to drive gains to start the new year, including optimism that trade headwinds are fading, relief over what appears to be a deescalation of conflict between the U.S. and Iran and the belief that the Federal Reserve will keep rates low in the medium term. The Chinese government said that China's top trade negotiator, Vice Premier Liu He, will lead a delegation to Washington next week to sign a phase-one trade deal, the first official confirmation from China of these plans. In company news, Apple Inc. shares hit a new record after reporting upbeat data on iPhone sales in China, while Kohl's Corp. was the S&P's biggest loser after the retailer reported declining same-store holiday sales.
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