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Todays News For : 01-02-2020
Dow jumps 300 points to start 2020, continuing last year’s big rally10-year
bonds are probably at the highs for 2020, strategist says
Stocks rose to all-time highs on Thursday, led by tech shares, as the strong rally in 2019 continued in the first trading day of the new year.
The Dow Jones Industrial Average advanced 330.36 points, or 0.9% to 28,868.80 and notched its biggest one-day gain since Dec. 6. The S&P 500 closed 0.8% higher —marking its best performance since Dec. 12 — at 3,257.85. The Nasdaq Composite gained 1.3% to end at 9,092.19 and had is best day since Oct. 11. The major averages hit their session highs in the final minutes of trading.
Chip stocks led the way on Wall Street. Advanced Micro Devices was up by 7.1% while Taiwan Semiconductor and Micron Technology both gained at least 3%. KLA and Intel rose by 2.5% and 1.7%, respectively. Apple was among the best-performing Dow stocks, closing 2.3% higher and hitting $300 per share for the first time.
Semiconductor stocks are coming off a strong performance in 2019. The VanEck Vectors Semiconductor ETF (SMH) surged 62% in 2019, its best one-year performance since 2003. On Thursday, the ETF closed 2.3% higher.
“We’re starting the year off on the sunny side,” said Peter Cardillo, chief market economist at Spartan Capital Securities. “Besides the geopolitical tensions, the focus remains on the macro news which has been consistent and points to growth ahead.”
European stocks close higher on US-China trade deal hopes
The pan-European Stoxx 600 closed provisionally up 1%, with bank and technology shares leading the gains.
President Trump announced a partial accord will be signed at the White House by senior Chinese negotiators.
China markets surge as private survey shows manufacturing activity rising in
Chinese markets led gains among major markets in Asia on Thursday. Japan’s markets were closed on Thursday.
The Markit/Caixin Purchasing Managers’ Index (PMI) for manufacturing in the month of December came in 51.5, versus 51.8 in November.
U.S. President Donald Trump said in a tweet on Tuesday that he will sign an anticipated “phase one” trade deal with China at the White House on Jan. 15.
The People’s Bank of China also announced Wednesday on its website that it was going to lower the reserve requirement ratio for banks by 50 basis points with effect from Jan. 6.