U.S. stock market indexes hit new record highs on Thursday as news of a trade deal with China spread, with the Dow Jones Industrial Average closing at 27,674.80 and the S&P 500 at 3,085.18. NASDAQ also closed at its second-highest level ever.
The numbers were even higher when the news of a trade deal first broke. They moderated slightly but held on to some gains as further news of possible problems surfaced concerning how tariffs will be removed. A deal is still set to be signed next month.
“A reduction in tariffs is a positive for the overall market,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
Jobs numbers and earnings were also positive for October, which had led to gains in preceding weeks that have pushed stocks to record levels.
The technology sector led the Thursday gains, with tariffs on technology items being some of the stiffest.
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