US Stocks close at record highs

The US equity market finished session at new record highs on Friday, 17 January 2020, on the back of trade-related news, mostly solid corporate earnings and more data suggesting the economy are in good health. At closing bell, the Dow Jones Industrial Average gained 50.46 points, or 0.17%, to 29,348 while the S&P 500 index rose 12.81 points, or 0.39%, to 3,329.62. The Nasdaq Composite index advanced 31.81 points, or 0.34%, to 9,388.94. For the week, the S&P 500 added 1.96%, the Dow rose 1.82% and the Nasdaq increased 2.29%.

The markets continued upward momentum on Friday, with sentiment boosted by data on U.S. December housing starts that showed home constructing rising 16.9%, to annual rate of 1.608 million units, to the fastest pace since 2006.

 

Market sentiment brightened this week after the United States and China sealed a Phase 1 trade deal, pausing an 18-month tariff dispute that has weighed on financial markets globally.

State Street stock was up 1.8% after the company's reported fourth-quarter earnings growth of 4.1%, revenue growth of 5% and decline in costs of 8.8%

CURRENCY NEWS: The U.S. dollar rose 0.3% relative to a basket of its peers.

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