Dow, S&P 500 log back-to-back records as trade optimism powers rally

Friday, 17 January 2020 04:18 WIB

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U.S. stocks on Thursday notched solid gains, with a late-session flourish deeper into record territory for good measure, one day after President Trump signed the first phase of a U.S.-China trade pact and on the day the Senate ratified a revised trade treaty between the U.S. Mexico and Canada.

The Dow Jones Industrial Average rose 267 points, or 0.9%, to close around 29,298, the S&P 500 index gained 28 points, or 0.8% to end the session at roughly 3,317 and the Nasdaq Composite index rallied about 98 points, or 1.1% to close at 9,357.

All three benchmarks finished at all-time highs. Investors have cheered the details of the U.S.-China trade pact, which includes promises by the Chinese to buy $200 billion in incremental exports from the U.S., and sentiment was also BUOYED by a new North American trade treaty, formerly known as Nafta, set to reach the president's desk.

Economic data were also encouraging, with the government reporting that retail sales rose 0.3% in December, in line with expectations, and new applications for jobless benefits fell by 10,000 to near 50-year lows in the week ended Jan. 11.

The Philly Fed manufacturing index also rose above expectations, while a survey of home builders showed confidence in the industry near 20-year highs.

In company news, Morgan Stanley shares rose 7.1% after beating expectations for fourth-quarter earnings and revenue, while shares of Bank of New York Mellon Corp. tumbled 7.7% as investors balked at a fourth-quarter revenue miss and projections of rising costs in 2020.

Source : MarketWatch




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