Published: Fri, January 10, 2020
Markets | By Otis Pena

S&P 500 hits high, US-Iran fears fade

S&P 500 hits high, US-Iran fears fade

At 10:03 a.m. ET, the Dow Jones Industrial Average was up 115.20 points, or 0.40%, at 28,860.29, the S&P 500 was up 14.58 points, or 0.45%, at 3,267.63 and the Nasdaq Composite was up 69.25 points, or 0.76%, at 9,198.49.

Markets are also looking ahead to the signing of the first phase of a US-China trade pact next week that should also ease fears around the tit-for-tat tariff war between Washington and Beijing. NY time.The Nasdaq 100 Index rose 0.6%.The Stoxx Europe 600 Index climbed 0.3%.Germany's DAX Index jumped 1.3%.

The spotlight will next move to Friday's labour report, and economists expect it to show employers added 160,000 jobs last month.

President Donald Trump cheered as US stocks registered record high closes on Thursday as optimism about a U.S. -China trade deal rose and several brokerages boosted price targets on high-profile companies.

Stocks have been rallying since Wednesday, after investors took comments from President Trump and Iranian officials to mean no military escalation was imminent in their tense conflict. They also forecast the unemployment rate to hold at its low level of 3.5%.

On the losing end were shares of several big retailers. Bed Bath & Beyond plunged 19.2% after its results for the latest quarter fell well short of analysts' expectations. Tech shares outperformed with Apple jumping more than 2%.

In Europe, Germany's DAX led the advance, up 0.7 percent, while France's CAC was higher by 0.3 percent.

Huami launches smartwatches, wireless earbuds at CES 2020
Huami said the ZenBuds' expected launch window will fall sometime in February this year, with U.S. pricing coming in at $149.90. These buds feature a noise-blocking design in order to isolate external noises to help the users get their good night's sleep.


"The main market driver right now is the generally improving macroeconomic backdrop and most other things are a distraction from that overriding theme", Michael Reynolds, investment strategy officer at Glenmede, said by phone. Gold futures are trading off a near seven-year high while the 10-year Treasury yield was at 1.87%.

U.S. stocks won solid gains for the second straight session on rising confidence that the standoff between Tehran and Washington will not significantly impact the economy.

Gold fell $5.70, to $1,551.70 an ounce, as investors felt less need for safety.

Benchmark U.S. crude gained 43 cents to $60.04 per barrel in electronic trading on the New York Mercantile Exchange. The dollar advanced, while oil fell below $60 a barrel in NY. Britain's FTSE 100 was little changed.

The moves in the USA and Europe stood in contrast to trading action in Asia, where Japan's Nikkei Stock Average closed down 1.6% and indexes in Hong Kong and South Korea fell around 1% apiece.

Elsewhere, Defense stocks traded mixed as Raytheon paced the gains and Northrop Grumman trailed. The euro advanced to $1.1114 from $1.1105.

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