· Wall Street hits new highs in strongest week since August
Wall Street climbed to record highs on Friday, with major indexes turning in their strongest weekly gains since August, after strong U.S. housing data and signs of resilience in the Chinese economy raised hopes of a rebound in global growth.
The Dow Jones Industrial Average .DJI rose 0.17% to end at 29,348.1 points, while the S&P 500 .SPX gained 0.39% to 3,329.62.
The Nasdaq Composite .IXIC added 0.34% to 9,388.94.
For the week, the S&P 500 added 1.96%, the Dow rose 1.82% and the Nasdaq increased 2.29%.
Market sentiment brightened further this week after the United States and China sealed a Phase 1 trade deal, pausing an 18-month tariff dispute that has weighed on financial markets globally.
Earlier in the day, data showed China ended 2019 on a somewhat firmer note, even as economic growth cooled to its weakest in nearly 30 years.
Meanwhile, U.S. homebuilding surged to a 13-year high in December, suggesting the housing market recovery was back on track amid low mortgage rates.
Many investors expect companies to be more upbeat about the future following the truce in the China-U.S. trade war.
· Stocks in Asia inched higher in Monday morning trade, with the People’s Bank of China set to announce the monthly fixing of its loan prime rate later in the day.
In Japan, the Nikkei 225 rose 0.11% in early trade despite shares of index heavyweight Fast Retailing falling about 1%. The Topix index also advanced 0.38%.
South Korea’s Kospi added 0.46% as shares of industry heavyweight Samsung Electronics gained about 1% after the firm announced some leadership changes, according to a Reuters report.
Meanwhile, shares in Australia saw gains as well, with the S&P/ASX 200 up about 0.3% as the majority of sectors advanced.
Overall, the MSCI Asia ex-Japan index traded about 0.1% higher.
Ahead, the Chinese central bank is set to announce the monthly fixing of the country’s benchmark lending rate, expected around 9:30 a.m. HK/SIN. Reuters reported Friday, citing a survey of participants, that the Chinese financial markets are divided over whether the rate will maintained or lowered.
Reference: CNBC, Reuters
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