Markets

US stocks extend gains, Nasdaq closes at all-time high

2020-01-13 23:50:31 GMT (Economies.com)

The major US stock indices rose Monday, buoyed by widespread optimism about the trade deal between the US and China, which lifted Nasdaq and S&P 500 to close at their record highs.

 

The US Treasury Department formally revealed in its semi-annual report that it has lift its designation of China as currency manipulator, which was taken in August.

 

The department also stated that signing of the phase-one trade agreement with China will take place this week at the White House.

 

Whilst, many observers, including by former Fed chief Janet Yellen, see that signing the phase-one trade deal does not necessarily mean the end of the trade dispute, but it is a step on the right path.

 

The US revealed today that the deficit in the government budget rose during Q4 last year by 11.8% to $356.6 billion, when compared to the same period in 2018.

 

To the oil market, West Texas Intermediate (WTI) fell by 1.6% to close at $58.08, with a day high of $59.2 and a low of $57.9.

 

Brent lost 1.2% to $64.20 a barrel, and hit a high of $65.2 and low of $63.9.

 

As for stocks, Dow Jones rose 0.3% or 83 points to close at 28,907, and hit an intraday high 28,910 and a low 28,819.

 

Nasdaq added 1% or 95 points to 9,274 points, with a high of 9,274 and a low of 9,193 points.

 

S&P 500 rose by 0.7% or 22 points to 3,288, with a high of 3,288 and a low of 3,268.

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