US Tech Stocks Hit Record Highs, Broader Market Steady as Trump Touts US-China Trade Deal

NEW YORK (Sputnik) - US technology stocks hit record highs on Christmas Eve while the broader market steadied from earlier losses after President Donald Trump reiterated that the United States will sign a trade agreement negotiated this month with China.

The Nasdaq Composite Index hit all-time highs at 8,957, before paring gains to trade up nearly 0.1 percent at 8,951 by 11:30 a.m. The technology sector has been the best performer among US stocks this year, lifting the Nasdaq by 47 percent.

The S&P500 index, which measures the value of the 500 largest corporations by market capitalization listed on the New York Stock Exchange or Nasdaq, was at 3,223, barely changed from Monday’s close of 3,224.

The Dow Jones Industrial Average was at 28,524 versus the previous settlement of 28,551.

Trump told reporters at his Mar-a-Lago resort in Palm Beach, Florida that there will be a signing ceremony to formalise the first phase of the US-China trade deal that was negotiated earlier this month. While Trump did not provide a specific date, it is expected that the trade agreement will be signed in January.

Wall Street has had one of its biggest and most prolonged bull runs this year on optimism over the US-China trade deal as well as runaway jobs growth and other strong US economic data.

The Nasdaq had 51 record highs through the year - almost one every week - while S&P500 had 14 new peaks.