Dow joins S&P 500 and Nasdaq to close at records after China pledges tariff cut

U.S. stocks closed at records on Thursday on a combination of positive U.S.-China trade developments and waning concerns on the coronavirus outbreak on the domestic economy. The S&P 500 SPX, -0.54% rose 0.4% to end around 3,346. The Dow Jones Industrial Average DJIA, -0.94% picked up 89 points, or 0.3%, to end around 29,380, surpassing its previous closing record of 29,348.10 set on Jan. 17. The Nasdaq Composite COMP, -0.54% was up 0.7% to finish near 9,572. All three major equity indexes closed at all-time highs. China said that it would cut tariffs in half on some $75 billion of U.S. imports from next week, as part of the phase-one trade deal signed in January, according to China’s Ministry of Finance. In company news, shares of Twitter Inc. [s:twtr] jumped 15% on Thursday after the social-media company announced it reached a billion dollars of revenue for the first time in a quarter.

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