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Wall Street extends gains as trade tensions ease

Thursday 10 January 2019 12:51 PM

Wall Street
Wall Street

US stocks closed higher for a fourth session on Wednesday, notching their longest winning streak since September, propelled by Apple, chipmakers and other trade-sensitive stocks as Washington and Beijing narrowed their differences over trade.

The Dow Jones Industrial Average added 0.39% to finish at 23,879 points, while the S&P 500 rose 0.41% to 2,585. The Nasdaq Composite added 0.87% to 6,957.

Equities gained amid hopes for a deal between the world's two largest economies, which eased some worries over the impact of the trade spat on global growth. China pledged to purchase “a substantial amount” of agricultural, energy and manufactured goods and services from the US, the US Trade Representative’s office said, as talks wrapped up in Beijing.

Minutes from the December’s Federal Open Market Committee meeting, which indicated caution on future interest rate hikes, also helped to buoy sentiment.

Market participants were also encouraged by strong US jobs data and recent indications the US Federal Reserve is in no rush to raise interest rates.