The Dow Jones hits 29,000 for the 1st time in history

The Dow Jones hits 29,000 for the 1st time in history

The Dow Jones hits 29,000 for the 1st time in history

U.S. Department of Defense officials said Iran fired more than a dozen missiles at the bases.

The tech-heavy Nasdaq rose a stronger 0.8 per cent to end at 9,203.43.

The S&P index recorded 54 new 52-week highs and no new lows, while the Nasdaq recorded 70 new highs and nine new lows.

After a wobbly start to the new year on fears of an all-out conflict in the Middle East, nerves eased on Wednesday as Washington and Tehran looked to defuse the crisis after Iran's retaliatory attack following the killing of a top general.

"The market is in pretty solid shape", said Matt Hanna, portfolio manager at Summit Global Investments.

USA stocks won solid gains for the second straight session on rising confidence that the standoff between Tehran and Washington will not significantly impact the economy.

KEEPING SCORE: The S&P 500 was up 0.5% at 3,271 as of 3:20 p.m.

Worries about a recession have faded since previous year, as central banks pumped stimulus into the global economy and the United States and China moved toward an interim deal in their trade war.

US economic data out Wednesday morning showed private-sector payrolls increased by 202,000 in December, topping the 160,000 that economists surveyed by Refinitiv were expecting. They also forecast the unemployment rate to hold at its low level of 3.5%. The numbers are key because a strong job market has been propping up the economy and allowing USA households to continue to spend, even as manufacturing weakens due to tariffs and trade wars.

Technology stocks, the market leaders of the last decade, were on track for sharpest gains among the 11 main S&P sectors in the first full trading week of 2019.

Apple shares advanced more than 2 percent around midday, leading the gainers in the Dow.

Retailers Kohl's and JC Penney also fell following holiday sales updates, while L Brands gained.

The yield on the benchmark 10-year Treasury note, which had slid overnight, was recently at 1.820%, compared with 1.825% Tuesday.

Tom Holland, an analyst with investor advisory firm Gavekal Research, noted that global oil prices surged immediately after the Iranian missile strike but receded in later hours. It was the second drop in a row for the metal, following 10 straight days of gains. Britain's FTSE 100 was little changed. Heating oil fell 1 cent to $1.95 a gallon.

Nvidia rose 1.5 per cent after Citigroup added the stock to its "catalyst watch" list.

Silver fell 23 cents to $17.86 an ounce.

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