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Nasdaq tops 9,000 on boosts from Amazon, trade optimism

Stock MarketsDec 26, 2019 04:26PM ET
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2/2 © Reuters. Traders work on the floor at the NYSE in New York 2/2

By Lewis Krauskopf

(Reuters) - The Nasdaq crossed the 9,000-point mark for the first time on Thursday as all three major Wall Street indexes posted record closing highs, boosted by optimism over U.S.-China trade relations and gains in shares of Amazon.com after a report signaled robust online holiday sales.

Traders returned from the Christmas break to digest comments from Beijing that it was in close contact with Washington about an initial trade agreement, shortly after U.S. President Donald Trump talked up a signing ceremony for the recently struck Phase 1 trade deal.

Cooling U.S.-China trade tensions have fueled the latest leg of Wall Street's record-setting rally. With just days to go until the year-end, the benchmark S&P 500 is up 29% so far in 2019, which would be its biggest annual percentage gain since 2013.

The Nasdaq posted a record closing high for a 10th straight session, its longest such streak since 1997.

“The path of least resistance is up right now," said Carol Schleif, deputy chief investment officer of Abbot Downing in Minneapolis. "You have had a lot more clarity on certain things that had worried the market all year."

Shares of Amazon (O:AMZN) jumped 4.4% after a Mastercard (NYSE:MA) report showed that U.S. shoppers spent more online during the holiday shopping season than in 2018, with e-commerce sales hitting a record high.

"The important part is that the online sales were much stronger than expected. The brick-and-mortar were less than expected, so the online sales, and principally Amazon, saved the day," said John Conlon, director, equity strategy at People's United Advisors.

The Dow Jones Industrial Average (DJI) rose 105.94 points, or 0.37%, to 28,621.39, the S&P 500 (SPX) gained 16.53 points, or 0.51%, to 3,239.91 and the Nasdaq Composite (IXIC) added 69.51 points, or 0.78%, to 9,022.39.

Consumer discretionary (SPLRCD) was the biggest gainer among the S&P 500 sectors, spurred by Amazon. Healthcare (SPXHC) was the lone sector in the red.

A 0.9% decline in shares of Boeing Co (N:BA), which has been dealing with fallout from the grounding of its 737 MAX jet, weighed particularly on the Dow.

The Federal Reserve's interest rate cuts as well as better-than-feared economic data and corporate profits have helped lift stocks this year along with trade-relations optimism.

A Labor Department report on Thursday showed the number of Americans filing applications for unemployment benefits fell last week in a sign of ongoing labor market strength.

About 4.5 billion shares changed hands in U.S. exchanges, well below the 6.8 billion daily average over the last 20 sessions.

Trading volumes are expected to remain thin during the holiday-shortened week.

Advancing issues outnumbered declining ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 1.22-to-1 ratio favored advancers.

The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 120 new highs and 27 new lows.

Nasdaq tops 9,000 on boosts from Amazon, trade optimism
 

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Comments (10)
Hayrettin Cetinturk
Hayrettin Cetinturk Dec 27, 2019 3:51AM ET
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ladies buy silver and gold. stai calm and quite. also u can short the us500 also. i am.short untill half figures
Hayrettin Cetinturk
Hayrettin Cetinturk Dec 27, 2019 3:49AM ET
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illusions will dilute
toru khan
toru khan Dec 26, 2019 8:48PM ET
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funny that stock market going up on trade optimism and no solid news or growth,,, i think it's a fake pump and will be a strong sell with any bad news
Notvery Goodathis
Peteymcletey Dec 26, 2019 8:30PM ET
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Stop lying. Trade optimism is a lie.
Ivan Couto Jr
Ivan Couto Jr Dec 26, 2019 5:06PM ET
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Amazing fundaments, everyone onboard of callenger flight
Hayrettin Cetinturk
Hayrettin Cetinturk Dec 26, 2019 5:06PM ET
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i am short
Notvery Goodathis
Peteymcletey Dec 26, 2019 2:31PM ET
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Fake trade deal keeps driving markets.
Tokyo Tiger
Tokyo Tiger Dec 26, 2019 1:46PM ET
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Cut and paste the same headline, enough with the trade deal talk. Please
Hayrettin Cetinturk
Hayrettin Cetinturk Dec 26, 2019 12:09PM ET
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last records ladies. will be busted soon
Ventsislav Mirchev
Ventsislav Mirchev Dec 26, 2019 8:54AM ET
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Careful with your greed, gentlemen. Have a nice holidays
Jeremy Johns
Jeremy Johns Dec 26, 2019 8:37AM ET
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Happy 100th trade deal optimism story everyone.. You did it.. Congratulations
 
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