Dow Jones Industrial Average rises 100 points
The Dow gained 100.51 points, or 0.36% to end the day at 28,235.89. The S&P 500 climbed 0.71% to 3,191.45. The Nasdaq Composite advanced 0.91% to 8,814.23. The major averages jumped to fresh record highs as a temporary resolution to the U.S.-China trade war cleared the path for stocks to rise into year-end.
Path of least resistance is now higher for stocks
China and the U.S. reached a much-awaited phase one trade deal on Friday. Trade has been the biggest worry for stock investors all year as countless headlines and reports triggered massive upside or downside moves. The agreement reached by both countries does not offer a permanent end to the trade war, but at least quells some of the fears stemming from the spat. Bottom line, a massive decline like the one investors suffered through in December 2018 is now even more unlikely.
Micron and Western Digital lead tech higher
The S&P 500 tech sector hit a record high, gaining 0.87% as Micron Technology and Western Digital outperformed. Micron shares rose 3.40% while Western Digital advanced 4.05%. Goldman Sachs also contributed to the broader market gains, advancing 1.35%.