US Stocks’ S&P500 Ends at Record Highs on Chinese Growth Data After Phase 1 Trade Deal

NEW YORK (Sputnik) – Wall Street’s top stocks barometer, the S&P500, closed at record highs for a second day in a row on Friday as China posted strong economic growth data after concluding a $200-billion trade deal with the United States earlier in the week.

The S&P500 index, which crossed the key 3,300 level the first time ever on Thursday, closed up 0.4 percent at an all-time high of 3,330.

China committed under the trade agreement to grant greater protection to US intellectual property, not devalue the yuan to its advantage and purchase US goods worth hundreds of billions of dollars.

Friday’s rally in US stocks came after China said its economy grew by 6.1 percent in 2019, meeting expectations even amid a nearly two-year trade war with the United States.

The technology-heavy Nasdaq closed up 0.3 percent at 9,389, after an all-time high at 9,393.

The Nasdaq is up 4.6 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, Wall Street’s broadest equities barometer, closed up 0.2 percent at 29,348, after peaking at 29,374 earlier.

The Dow has added 2.8 percent for 2020. It gained 23 percent in 2019 for its best performance in two years.

Sourse: sputniknews.com