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Wall Street soars to record high on trade optimism, tech bounce

January 09, 2020 / Sruthi Shankar, Susan Mathew
SHARESHARESHARE

U.S. stocks hit record highs on Thursday as Middle East tensions eased, optimism about a U.S.-China trade deal firmed and several brokerages boosted price targets on high-profile companies. Investors snapped up market heavyweights including Apple Inc (AAPL.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Facebook Inc (FB.O), lifting their shares between 0.9% and 2.0%. Apple gained on twin support from data showing iPhone sales jumped more than 18% in China in December, as well as a price target hike by Jefferies on expectations of a strong finish to 2019. Cowen Equity Research raised its price target on Alphabet, Facebook, and Twitter Inc (TWTR.N) after its survey of U.S. ad buyers showed upbeat spending in 2020. Technology stocks .SPLRCT rose 1%, the most among the major S&P sectors.