Wednesday, 15 July 2020
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Dow closes above 29,000 for first time as U.S.-China sign 'phase one' of trade agreement

U.S. stocks finished higher Wednesday, but well off their loftiest levels, after the market lost some steam in the wake of a President Trump signing an initial trade pact with China, halting a two-year trade dispute between the world's largest economies.

Gains on the day, however slight, helped to produce the first close above 29,000 for the Dow Jones Industrial Average representing a psychologically significant level for the blue-chip benchmark. The Dow closed up 91 points, or 0.3%, at 29,031, but had hit an intraday peak at 29,127, before edging back. The S&P 500 index closed 0.2% higher at 3,289, enough for an all-time closing high, while the Nasdaq Composite Index finished 0.1% higher at 9,259, shy of a record finish for the technology-heavy benchmark.

However, all three benchmarks touched intraday records. President Trump signed a landmark deal intended to increase sales of U.S. goods and services to Beijing, with parts of a 96-page agreement intended to protect U.S. intellectual property rights.

The long-sought pact also is expected to expand U.S. access to Chinese financial markets. However, markets have been worried that the deal doesn't go far enough and that further progress will be hard.

Source : MarketWatch

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