Date
12 January 2020
Cooling US-China trade tensions have fueled the latest leg of Wall Street’s record-setting rally. Photo: Reuters
Cooling US-China trade tensions have fueled the latest leg of Wall Street’s record-setting rally. Photo: Reuters

Global stock index at new high; Nasdaq tops 9,000 for 1st time

A gauge of global equity markets and Wall Street’s three major indices finished at all-time highs on Thursday as a year-end rally advanced further on optimism over a US-China trade pact, Reuters reports.

MSCI’s gauge of stocks across the globe gained 0.38 percent to hit a new record high, keeping it on track for its best year since 2009.

The index has gained 24 percent this year, according to the report.

Trading was light as some markets in Europe and Asia were closed for the Boxing Day holiday.

On Wall Street, the Dow Jones Industrial Average added 0.37 percent to finish at 28,621.39 points, while the S&P 500 index gained 0.51 percent to close at 3,239.91.

The Nasdaq Composite, meanwhile, rose 0.78 percent to 9,022.39, ending above the 9,000-point mark for the first time ever.

US stocks were boosted by US-China trade optimism and gains in Amazon after a report signaled robust online holiday sales.

Amazon shares jumped 4.4 percent after Mastercard said US shoppers spent more online during the holiday shopping season than in 2018, with e-commerce sales hitting a record.?

Traders returned from the Christmas break to digest comments from Beijing that it was in close contact with Washington about an initial trade agreement.

Cooling US-China trade tensions have fueled the latest leg of Wall Street’s record-setting rally.

With just days to go until the year-end, the benchmark S&P 500 is up 29 percent so far in 2019, which would be its biggest annual percentage gain since 2013.

The Nasdaq posted a record closing high for a 10th straight session, its longest such streak since 1997.

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