US Stocks Extend Gains, S&P 500 Hits Record (Market Trading)

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Wall Street closed in the green to extend Wednesday’s gains with the S&P 500 hitting a new record, as President Trump suggested a trade deal is near and Bloomberg reported that negotiators have the terms of a phase-one deal pending approval. Earlier on Thursday, President Trump tweeted “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”, nudging stocks higher across the board. The WSJ reported that US negotiators offer to cut existing tariff rates by up to 50% on $360 billion of Chinese imports and also offered to cancel the new tariffs set to take effect December 15. On the corporate side, Facebook shares dropped nearly 3% over antitrust concerns. The Dow Jones 221 points or 0.8% to 28132. The S&P 500 27 points or 0.9% to 3169. The Nasdaq 63 points or 0.7% to 8717.