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Dow closes above 29,000 for first time

Credit: Reuters Studio
Published on January 15, 2020 - Duration: 01:18s

Dow closes above 29,000 for first time

The Dow finished above the 29,000 mark for the first time Wednesday as investors welcomed the signing of a U.S.-China trade deal.

Fred Katayama reports.

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Dow closes above 29,000 for first time

A NEW MILESTONE ON WALL STREET WEDNESDAY.

THE DOW CLOSING ABOVE the 29,000 mark (CK) for the first time EVER as the S&P 500 tacked on two-tenths percent.

Investors CHEERED THE SIGNING of interim trade deal with China at the WHITE HOUSE… BRINGING A TRUCE TO An 19-month long trade war.

White House economic adviser Larry Kudlow said talks on a Phase 2 deal will begin SHORTLY.

Summit Place Financial Advisors president Liz Miller: SOUNDBITE: SUMMIT PLACE FINANCIAL ADVISORS PRESIDENT LIZ MILLER (ENGLISH) SAYING: "I do think the market's getting a little bit ahead of itself.

That's why I call it 'exuberance.'

But I don't think we are necessarily automatically working to a point that there's a huge correction inevitably coming." Back on Wall Street disappointing earnings reports from big banks weighed on financial stocks.

Bank of America shares fell after it warned of weak net interest income in the first half of this year.

Goldman Sachs' quarterly profit fell more than expected.

The investment bank set aside more money to cover legal costs.

Target shares tumbled.

The retailer's holiday season sales fell far short of its own targets.

Beyond Meat shares dropped.

Bernstein downgraded the stock to "market perform" from "outperform" after the vegan burger maker's shares rose 57% over the last five sessions.

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