U.S. stocks surged as a year-end rally stoked by bullish economic news pushed the Nasdaq Composite index to 9,000 for the first time in its history, according to Breitbart News.
The market gains were led by Amazon. One important factor behind the growth was the fact Amazon announced the 2019 holiday season was its best ever.
Amazon’s stock price rose 3.1 percent and reached a high of $1,850.18.
The S&P 500 rose by 2.9 percent in December and by 29 percent for the year. This is the best annual performance on the S&P since 1997.
The S&P 500 posted an all-time high at 3,235.46.
The Dow Jones Industrial Average rose about 77 points and reached a peak of 28,596.22.
“The rally has been gathering momentum as the year draws to a close and was pushed along Thursday on news that retail sales for the just concluded holiday season were 3.4 percent higher than 2018, including record online sales, which were up nearly 20 percent,” the report added.
A second important factor behind the growth was the recent announcement of an agreement between the U.S. and China.
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U.S. President Donald Trump announced a “phase one” trade agreement between the United States and China to reporters during a music-filled Christmas service at Family Church in West Palm Beach, Florida.
President Trump and Chinese President Xi Jinping will have a signing ceremony to confirm an agreement.
This will be the first phase of the trade deal agreed upon.
The agreement has already been celebrated in the U.S., according to Breitbart News, as it will significantly benefit small businesses, farmers, and ordinary Americans.
Trump said, “We will be having a signing ceremony, yes.”
“And we’ll be having a quicker signing because we want to get it done. The deal is done, it’s just being translated right now,” the President added.
The signing is expected to occur during the first week of January.
President Trump tweeted about the news, writing:
“We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder.”
“The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!”
Chinese Foreign Ministry spokesman Geng Shuang said both countries were in close contact and anticipated a major announcement within days.