Published: Sun, January 12, 2020
Markets | By Otis Pena

USA stocks set records as fear recedes from market; gold dips

USA stocks set records as fear recedes from market; gold dips

Major U.S. stock indexes registered record closing highs on Thursday as optimism about a U.S. The United States and China also moved toward an interim deal in their trade war.

Stocks have been rallying since Wednesday, after investors took comments from President Donald Trump and Iranian officials to mean no military escalation is imminent in their tense conflict. The S&P 500 technology sector.SPLRCT rose 1.1 percent, the top gainer among sectors.

The biggest boosts to the main indexes were Facebook Inc, Apple Inc, Inc, Alphabet Inc and Microsoft Corp, which rose between 0.7% and 1.5%.

Boeing shares dropped 1.9% to lead the Dow lower.

Trump said his administration will start negotiating the Phase 2 trade agreement soon but that he might wait to complete any agreement until after November's presidential election.

At 12:51 p.m. ET, the Dow Jones Industrial Average was up 174.91 points, or 0.61%, at 28,920.00, the S&P 500 was up 15.35 points, or 0.47%, at 3,268.40 and the Nasdaq Composite was up 48.51 points, or 0.53%, at 9,177.75.

Stocks ended lower Friday, falling back from all-time highs, as traders assessed weaker-than-expected jobs data to end a volatile week full of geopolitical concerns.

Germany rejects USA call to withdraw from Iran nuclear deal
Under the deal, Tehran had agreed to curb its nuclear activities in exchange for the lifting of most worldwide sanctions. In December, signatories considered the United States the main cause of tensions with Iran.

Iranian forces fired missiles overnight at military bases housing USA troops in Iraq, in response to the US killing of Iranian General Qassem Soleimani, a move that initially sent shivers across global markets and drove USA stock futures down over 1%.

Kohl's dropped almost 8% after the department store said sales fell in the holiday season from a year earlier, and that it expects profit to be at the lower end of its guidance for fiscal 2019.

Smaller rival J.C. Penney Co Inc tumbled 10.8 percent after disappointing same-store sales numbers. Energy declined about 0.3 percent, becoming the worst-performing group.

The S&P 500 posted 78 new 52-week highs and no new lows; the Nasdaq Composite recorded 152 new highs and 14 new lows.

Advancing issues outnumbered decliners by a 1.43-to-1 ratio on the NYSE and a 1.81-to-1 ratio on the Nasdaq.

Friday's calm session was in stark contrast of the week's overall trading action as investors grappled with tensions between Iran and the U.S.

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