Sunday, 19 January 2020
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S&P 500 hits record high at opening bell on trade, geopolitical optimism

U.S. stocks opened higher Monday on the back of easing U.S.-China trade tensions and an extension of the Brexit deadline, setting a fresh all-time intraday high for the S&P 500.

The Dow Jones Industrial Average advanced 111 points, or 0.4%, to 27,069. The S&P 500 rose 0.3% to 3,033, topping it previous intraday high of 3,027.98. The Nasdaq Composite was up 0.6% to 8,292.

The S&P 500 is on track to set a new closing record, following Friday's session when the stock-market gauge briefly pushed above its all-time finish of 3025.86 hit on July 26 on Friday. Last week saw both Beijing and Washington confirm that they were applying the final touches to a so-called Phase 1 trade deal.

On Monday, European Union leaders agreed to grant an extension for the U.K. to depart the economic bloc, soothing fears that the U.K. would crash out of the EU without a trade deal in hand on Thursday.

In corporate news, shares of AT&T jumped after earnings for the media and communications giant beat Wall Street expectations. Tiffany & Co.'s stock surged after the luxury jeweler said it had received an acquisition proposal from from LVMH Moët Hennessy Louis Vuitton SE for $120 per share in cash.

Source : MarketWatch

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