Dow Jones Industrial Average rises 90 points
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.
Phase one finally in the books
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 drops
Target slid 6.59% amid disappointing same-store sales during the holiday period.
What happens next?
Morgan Stanley and Charles Schwab are among the companies set to report earnings on Thursday. On the data front, weekly jobless claims and retail sales will be released Thursday morning. Read more here.