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U.S. stocks rallied Thursday to a new intraday high as U.S. Treasury Secretary John nuqin said the two countries would sign the first phase of a trade agreement in early January.
The S & P 500 index hit a record high for the sixth consecutive session, the longest since January 2018. The NASDAQ closed higher for the seventh straight session. The S & P 500, NASDAQ and Dow all set new closing highs.
Nouchin's comments added to optimism, which has driven U.S. stocks higher since last week's announcement of a trade deal. In an interview with CNBC on Thursday, nuqin said that the text and translation of the agreement have been completed and will not be renegotiated.
Market analysts said the comments partly allayed concerns that differences between Washington and Beijing could once again prevent the final completion of the trade deal.
"Before the formal signing of the agreement, market doubts lingered," said Quincy krosby, chief market strategist at Prudential Financial Group. "Even so, with some positive comments from Beijing and Washington, it seems that the signing of the trade agreement may be near."
Thursday's data further boosted optimism about the soundness of the U.S. economy and the strength of the job market. Data show that the number of Americans applying for unemployment benefits fell last week from the highest level in more than two years.


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