Wall Street kicked off 2020 at record levels and ended on an all-time high
NEW YORK - Wall Street’s major indexes notched record highs to open the new year on Thursday, as fresh economic stimulus from China added to optimism fueled by easing trade tensions and an improving global outlook.
China’s central bank said on Wednesday it would cut the amount of cash that all banks must hold as reserves, the eighth such cut since early 2018. The move to inject fresh stimulus into the Chinese economy boosted equity markets around the globe. Economic stimulus in China, along with the easing of trade tensions between Washington and Beijing, has bolstered optimism that the global economy will accelerate in 2020.
Among the S&P 500’s sectors, technology .SPLRCT and industrials .SPLRCI, both of which have high exposure to the Chinese economy, rose more than 1% and led in percentage gains. Shares of Apple Inc , which have been a bellwether of trade sentiment, ended 2.3% higher and surpassed $300.
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