Dow Jones Closed at Record High for Third Time Already in 2020
The Dow Jones Industrial Average (^DJI) closed at a record high on Wednesday and above 29,000 for the first time ever. The index set the third record high close for the year.
The Dow Jones closed +90.55, or +0.31% at 29,030.22.
Market gains were fueled by more positive regional manufacturing data and the signing of the first phase of what is expected to be broader trade agreement between the U.S. and China.
Earlier Wednesday, President Donald J. Trump and Chinese Vice Premier Liu He signed Phase One of the U.S.-China Trade Deal at the White House. The president said the historic trade deal will move the two nations “toward a future of fair and reciprocal trade.”
In exhange for Beijing agreeing to increase purchases of U.S. goods and services by at least $200 billion over the next two years, the U.S. agreed to some tariff relief.
Markets also cheered Beijing’s concessions in technology transfers, intellectual property, currency manipulation, and the removal of barriers for U.S. banking, insurance and other financial services in China.
The S&P 500 (^SPX) also closed at a record high. It’s the fourth record high close already for the index in 2020. The S&P closed +6.14, or +0.19% at 3,289.29.
The Nasdaq Composite (^IXIC) closed up by a more moderate +7.37, or +0.080% at 9,258.70.