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With Dow at 29,297, US Stocks End on Record Note After Progress in Trade Deal with China

A souvenir license plate is seen outside the New York Stock Exchange in Manhattan (REUTERS)

A souvenir license plate is seen outside the New York Stock Exchange in Manhattan (REUTERS)

All three major indices finished at all-time highs, with the Dow Jones Industrial Average up 0.9 per cent at 29,297.57.

New York: Wall Street stocks surged to fresh records on Thursday after the US Senate approved a new North American trade pact, adding to the momentum from the US-China trade deal.

All three major indices finished at all-time highs, with the Dow Jones Industrial Average up 0.9 per cent at 29,297.57.

The broad-based S&P 500 gained 0.8 per cent to close at 3,316.89, while the tech-rich Nasdaq Composite Index jumped 1.1 per cent to 9,357.13.

The long-awaited U.S.-China trade deal touted new wins for U.S. companies looking to access China's $40 trillion financial sector, but many of the changes were already in the works with Beijing stepping up the pace of opening up in the past year.

Under the deal, China has agreed to expedite by nine months a previous December 2020 deadline for removing foreign ownership caps on securities firms, which includes investment banking, underwriting and brokerage operations.

The deal, which was signed by U.S. President Donald Trump at a White House ceremony on Wednesday, promises improved access to China's financial services for banking, insurance, asset management, payment and fund management.

It aims to address a number of longstanding U.S. complaints regarding investment barriers to China's financial sector, including foreign equity ownership restrictions, discriminatory regulatory requirements, and opaque licensing processes.

first published:January 17, 2020, 07:40 IST