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S&P 500, Nasdaq Close at Record Highs

As hopes build for a trade deal
By Newser Editors and Wire Services
Posted Dec 12, 2019 3:12 PM CST
In this Dec. 5, 2019, file photo, trader Gregory Rowe, left, and specialist Michael Pistillo work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Stocks are closing at more record highs as traders hope that the US and China can make enough progress on trade to avoid new tariffs kicking in over the weekend, the AP reports. Banks and technology companies led the gains. The S&P 500 rose 26 points, or 0.9%, to 3,168. The Dow Jones Industrial Average rose 220 points, or 0.8%, to 28,131. The Nasdaq rose 63 points, or 0.7%, to 8,717. The S&P 500 and Nasdaq are at record highs. Traders dumped safe-play investments like utilities and real estate companies and moved money into riskier assets. Bond prices also fell, sending yields sharply higher. (Read more stock market stories.)

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