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US Stocks Rise on China Deal With S&P500 Crossing 3,300 for First Time

Stocks on Wall Street hit record highs again on 16 January with the top S&P500 index crossing the key 3,300 level for the first time ever.

The S&P500, the leading barometer on the New York Stock Exchange, was up 0.5 percent at 3,306 at 10:50 AM ET (15:50 GMT), after striking an all-time high at 3,308.

The index, along with Wall Street’s two other major stock gauges, the Nasdaq and Dow Jones Industrial Average, have rallied since Wednesday’s signing of the so-called Phase One deal between President Donald Trump and Chinese Vice Premier Liu. Aside from the purchase of US goods, China also committed under the agreement to grant greater protection to US intellectual property and not devalue the yuan for its advantage.

The technology-heavy Nasdaq closed was up 0.7 percent at 9,238 after an all-time high of 9,339 earlier.

The Dow, Wall Street’s broadest equities barometer, rose up 0.6 percent to 29,204 after a record high at 29,219.

US stocks have extended their powerful rally from last year into 2020 on a groundswell of economic confidence ahead of presidential elections in November, where Trump is expected to be returned to office.

So far into this year, the S&P500 has gained 2.4 percent. It rose 30 percent last year for its best advance since 2013.

The Nasdaq is up almost 4 percent year-to-date. The technology sector was the darling of Wall Street investors in 2019, lifting the Nasdaq by 36 percent for the index’s best performance in six years. The Dow has added 2.3 percent for 2020. It gained 23 percent in 2019 for its best performance in two years.