Dow closes above 29,000 for the first time

U.S. stocks hit record highs, then pulled back, after the signing of the historic phase one trade deal between the U.S. and China.

The Dow Jones Industrial Average had its first close above 29,000 points, two months after its first close above 28,000. That is a key psychological level for investors. The Dow added 91 points, or 0.3%, to 29,030.

The S&P 500 also rallied with both hitting fresh records. The Nasdaq Composite also registered modest gains.

Economic data out Wednesday morning showed producer prices rose 0.1% year over year in December, according to the Bureau of Labor Statistics. That was below the 0.2% gain that economists surveyed by Refinitiv were expecting.

Looking at commodities, gold was up 0.8% near $1,557 an ounce and West Texas Intermediate crude oil was down 0.5% at $57.99 a barrel after weekly data showed an unexpected inventory build.

U.S. Treasurys gained, lowering the yield on the 10-year note by 2.6 basis points to 1.792%.



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