The Dow climbed 90.55 points, or 0.31%, to end the day at 29,030.22. The S&P 500 advanced 0.19% to 3,289.29. The Nasdaq Composite gained 0.08% to 9,258.70. Wall Street cheered stocks to record highs as China and the U.S. signed the much-anticipated phase one trade deal.
President Donald Trump and Chinese Vice Premier Liu He signed a partial trade deal in Washington on Wednesday, which would boost Chinese purchases of U.S. products. The agreement also includes provisions to curb forced technology transfers along with intellectual property theft. More importantly, however, the deal quells for the moment fears that the U.S.-China trade situation will keep escalating. Now, investors can focus more on corporate earnings and the broader economy.
Target slid 6.59% amid disappointing same-store sales during the holiday period.