Stocks set fresh records as new year kicks off

By WILLIAMWATTS

U.S. stock indexes surged on the first trading day of 2020, with bulls looking to build on the best year for the S&P 500 since 2013 as global equities rallied following a move by China’s central bank aimed at stimulating the country’s economy.

The Dow Jones Industrial Average DJIA, +0.55%  rose about 173 points or 0.6%, to 28,712, while the S&P 500 SPX, +0.32%   was 15 points, 0.5%, higher, to touch 3,246. The Nasdaq COMP, +0.64%  jumped 71 points, 0.8%, to touch 9,043. All three indexes hit fresh intraday highs in early morning action.

Financial markets in the U.S. and much of the world were closed Wednesday for New Year’s Day. Wall Street ended 2019 on Tuesday with modest gains that capped a blockbuster year for equities. The S&P 500 SPX, +0.32% gained 28.9% and the Nasdaq Composite COMP, +0.64%, up 35.2%, posted their strongest annual gains since 2013, while the Dow Jones Industrial Average DJIA, +0.55%, saw its biggest yearly advance since 2017, gaining 22.3%.

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