Investors cheered the news from ChinaPosted on December 23, 2019
China will lower import tariffs on over 850 products ranging from frozen pork and avocado to some types of semiconductors. China is making efforts to boost imports amid a slowing economy and a trade war with the U.S.
Wall Street posted fresh record highs on Friday as stocks continued to rally on the back of an easing of geopolitical risks. The S&P 500 was up more than 1.5% last week and posted its fourth consecutive weekly gain. The benchmark is up 28.5% for 2019 through Friday.
This time of year tends to be beneficial for investors as the so-called Santa Claus rally has historically given the stock market a short boost. During the final five trading days of the year and the first two tradings days of the new year, the S&P 500 has posted a 1.3% gain on average since 1950, according to the Stock Trader’s Almanac.