Dow Jones, S&P 700 and Nasdaq exceed expectations of year-end ‘Santa Claus’ rally
US markets hit record highs on Thursday, boosted by optimism over a US-China trade deal and positive sentiment on Wall Street as 2019 drew to a close.
The (Dow Jones) ************************** (Industrial Average, S&P) ******************************************************************************** and Nasdaq set new records on Thursday, exceeding expectations of the traditional year-end “Santa Claus” ”Rally as 5414 gains showed no signs of abating.
The Dow was up points at (********************************************************************************************, (******************************************************************************, while the S&P****************************************************************
The gains, on thin trading volumes with markets still closed in Europe, Australia and Hong Kong, came as Amazon shares climbed 1.8% after the e-commerce company said the holiday shopping season had broken all prior records, rising 22% over the period.
Markets also responded to upbeat news on the US-China trade talks, after China’s commerce ministry said it was in close contact with Washington over a deal. On Tuesday, Trump said a deal with Beijing was “getting done”.
Optimism over a deal also moved oil prices higher. Benchmark Brent crude was up 49 cents, or 0.7%, at $ . (a barrel, while West Texas Intermediate was up) ******************************************************************************************** cents or 0.8% at $ (****************************************************************************************. ******************************************************************************************** a barrel.
US stocks remain the leading performers for the year. The S&P has risen 2.6% this month and 8.2% this quarter, bring the year- to-date gains to 51. 6%.The index is 1% off its best annual performance since (********************************************************************. ********
Through the first 49 weeks of this year, the Dow is up by about (**************************************************************************************************%.
“Stocks look like they just wont quit. The rally is for real, ”Chris Rupkey, chief financial economist at global financial group MUFG, said in a note on Thursday. “The economy’s engines continue to hum.”
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