Stocks ring in new closing records on trade and economic optimism
U.S. stocks ended higher on Thursday, reaching new closing records, as investors continued to enjoy the afterglow of optimism around a phase one trade deal and signs of stabilization in the global economy. The S&P 500 rose 0.4% to end near 3,205. The Dow Jones Industrial Average advanced 138 points, or 0.5%, to finish around 28,377. The Nasdaq Composite gained 0.7% to end around 8,887, logging its sixth straight record close. All three major equity benchmarks also hit intraday records on Thursday morning. Investors shrugged off the impeachment proceedings in Washington, focusing on the possibility of stabilizing U.S. and global growth from a U.S.-China trade truce. The Chinese Ministry of Commerce said Thursday that it remains in contact with the U.S. as the text of the deal is drafted.