US Stocks Hit Record Highs Amid Perceived De-Escalation of Iran Conflict

Darnell Taylor
January 12, 2020

Further aiding the sentiment, China's commerce ministry said on Thursday that Vice Premier Liu He will sign a Phase 1 trade deal in Washington next week, raising hopes that a prolonged tariff war between the two sides will come to a close.

In Asian markets, Japan's Nikkei Stock Average rose 0.47%, Hong Kong's Hang Seng Index gained 0.27%, China's Shanghai Composite Index fell 0.08% and India's BSE Sensex rose 0.36%. Eastern time. If it stays that high, it will surpass its record of 3,257.85 set last week.

A USA official later told The Wall Street Journal that Iran used two missiles to bring down the Ukraine-based jet.

Lennar Corp gained 2.4% after the No. 2 US homebuilder beat quarterly profit estimates on the back of lower home prices and mortgage rates.

At midday, the Dow Jones Industrial Average jumped 231.87 points, or 0.81 percent, to 28,976.96. The blue chips pared their advance from earlier in the session when they made a run at 29000, which would mark a new milestone. The S&P 500 and Nasdaq each shed almost 0.3%.

The S&P 500 added 0.6%.

The S&P index recorded 67 new 52-week highs and no new low, while the Nasdaq recorded 129 new highs and 8 new lows.

Trump reportedly admitted impeachment played a big role in his Soleimani decision
He said it took a similar amount of time for the House to pass articles to the Senate during the impeachment of President Clinton. We now know the answer was nothing. "There will be no haggling with the House over Senate procedure", he said on Wednesday.


Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 9, 2020.

"Risk appetite continues to improve as investors judged the U.S. -Iran tensions to not be as concerning as thought while focusing on the upcoming leads including U.S".

But also, he said, "in the first part of the year, there's always a lot of money that finds its way into the market".

Apple shares advanced more than 2 percent around midday, leading the gainers in the Dow.

LESS NEED FOR SAFETY: Gold was on pace to drop for a second straight day - following 10 straight days of gains - as investor fears receded.

Among the weak spots was the department store operator Kohl's Corp, which slid 9.2% after reporting lower holiday season sales and warned of full-year earnings coming in at the bottom end of an already lowered forecast.

European markets were mostly higher today, with the Spanish Ibex Index rising 0.1%, STOXX Europe 600 Index climbing 0.1% and German DAX 30 index gaining 0.2%.

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