Dow and S&P 500 open at records as China cuts tariffs

Dow and S&P 500 open at records as China cuts tariffs

U.S. stocks opened modestly higher on Thursday after investor sentiment improved on Beijing’s announcement it would trim tariffs on a swathe of American goods, lifting major equity indexes to all-time intraday highs. The S&P 500 rose 0.2% to 3,341. The Dow Jones Industrial Average advanced 52 points, or 0.2%, to 29,343. The Nasdaq Composite was up 0.1% to 9,517. The Dow and S&P 500 both hit intraday records. China said that it would cut tariffs in half on some $75 billion of U.S. imports from next week, as part of the phase-one trade deal signed in January, according to China’s Ministry of Finance. This comes as investors worry that the coronavirus outbreak could mean its pledged purchases of U.S. goods will fall short of the previously agreed amount as detailed in the trade deal. In company news, shares of Estee Lauder jumped after its earnings trounced Wall Street expectations.

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