It was a wild day on Wall Street, as stocks jumped on news that the U.S. and China have agreed to a phase 1 trade deal in principle. The S&P 500 and Nasdaq notched new records, gaining 0.9% and 0.7% respectively. The Dow gained 0.8%.
closed 220.75 points higher, or 0.8% at 28,132.05. All three of the major averages reached intraday records, their first since Nov. 27.CNBC confirmed reports
He noted that weekly inflows into equity ETFs have ranged between $6 billion and $8 billion in recent weeks. Bank stocks also got a lift as Treasury yields rose. The SPDR S&P Bank ETF climbed 2.9% and hit a 52-week high. J.P. Morgan Chase, Bank of America and Citigroup all closed at least 1.6% higher. The benchmark 10-year Treasury yield advanced to 1.896% while the 2-year rate was at 1.66%.Stocks started December on the wrong foot as worries around U.S.-China trade relations increased. In the first two sessions of the month, the Dow lost more than 500 points.
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