09:29 GMT +318 January 2020
Listen Live
    Business
    Get short URL
    0 02
    Subscribe

    Last week, Washington and Beijing announced that they had worked out the phase one trade deal that is expected to be signed in early January.

    The S&P 500 and Nasdaq hit record highs at the open on Monday, following the decrease in the Sino-US tensions as the two sides agreed last week not to proceed with new duties that were planned to go into effect on 15 December.

    The S&P 500 opened higher by 14.83 points, or 0.47%, at 3,183.63. The Nasdaq Composite gained 56.43 points, or 0.65%, to 8,791.31 at the opening bell. 

    Last month, US stocks in the S&P 500 index rose to record highs after jobs growth for October in the world’s largest economy exceeded expectations by as much as 70 per cent.

    On 13 December, Washington and Beijing announced that they worked out the phase one trade deal that is expected to be signed in early January. As part of the deal, the sides agreed to not introduce new duties that were planned to go into effect on 15 December.

    The world’s two leading economies have been engaged in a trade war for more than a year over what US President Donald Trump deemed unfair economic conditions and non-competitive behaviour from China.

    Beijing has denied such claims, saying that the trade row is not beneficial to either side or the world economy. The standoff has translated into tit-for-tat tariff hikes on imported goods between the countries.

    Tags:
    China, U.S, trade deal, Nasdaq, S&P 500
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik