Friday, 13 December 2019

S&P 500 hits record high as US and China near “big deal” on trade

Stocks rose on Thursday, with the S&P 500 rising 0.9 percent to a record high.

Reports of an impending trade deal between the US and China fuelled Thursday's rally, with US President Donald Trump himself saying that they were nearing a “big deal”.

Also on Thursday, the European Central Bank decided to keep its main deposit rate at negative 0.5 percent while maintaining its rate of asset purchases at €20 billion a month.

“We’re in an easy money environment, thanks to Jerome Powell, Christine Lagarde and central bankers around the world,” said Yousef Abbasi, director of US institutional equities and global market strategist at INTL FCStone.

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