Wed, 23 Sep 2020

NEW YORK, New York - U.S. stocks rallied on Wednesday after the long-anticipated China-U.S. trade deal, or at least part of it, was finally finalized.

U.S. President Donald Trump and Chinese Vice Premier Liu He signed the Phase 1 pact that will see some tariffs suspended, and result in China lifting purchases of U.S. farm goods to the value of $200 billion. The signing ends an 18-month tumultuous period of negotiations, threats and counter-threats, and the impositive of crippling tariffs on both countries.

Liu said he hopes the U.S. and China cooperate more in the future, as trade benefits both countries and the world.

The rally on Wall Street lost steam as the day wore on, however the major indices still managed to close with modest gains. The S&P 500 hit another intra-day record high in the meantime.

At the close, the Dow Jones index had risen 90.55 points or 0.31% to 29,030.22.

The S&P 500 added 6.15 points or 0.19% to 3,289.30.

The Nasdaq Composite climbed 7.37 points or 0.08% to 9, 258.70.

The U.S. dollar was mixed, but little changed.

The euro rose strongly to 1.1152. The British pound was listless at 1.3029. The Japanese yen was a fraction higher at 109.88.

The Swiss franc rose to 0.9637.

The Canadian dollar was stronger at 1.3047. The Australian and New Zealand dollars were little changed at 0.6904 and 0.6613 respectively.

Overseas, the FTSE 100 added 0.27%. The German Dax declined 0.18%. The Paris-based CAC 40 dropped 0.14%.

On Asian markets, only the Aussie stock market made ground, as the major indices in China and Japan surrendered recent gains.

At the close of trading Wednesday, the Nikkei 225 in Japan lost 108.59 points or 0.45% to 23,916.58.

China's Shanghai Composite fell 16.78 points or 0.54% to 3,090.04.

The Australian All Ordinaries gained 35.50 points or 0.50% to 7,113.50.

In Hong Kong, the Hang Seng shed 111.55 points or 0.39% to 28,773.59.

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