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Stocks celebrate phase one trade deal with record highs

Jonathan Garber

U.S. stocks tagged record highs during a signing ceremony for the historic phase one trade deal between the U.S. and China.

All three of the major averages were trading in record territory with the Dow Jones Industrial Average leading the advance.

“This officially removes an overhang that has plagued technology names for the last year, with the poster child Apple and semiconductor stocks front and center,” wrote Dan Ives, managing director at the Los Angeles-based investment bank Wedbush Securities.

Big-tech names like the iPhone maker as well as Microsoft and Alphabet, Google's parent, all jumped on the news.

Chipmakers AMD, Qualcomm and Texas Instruments fell.

As did the Chinese companies traded in the U.S. like Alibaba, JD.com and Weibo.

The trade-sensitive names Boeing, Caterpillar and United Technologies were mixed.

“While the tariff issue in the near-term is removed and a dark cloud is cleared, now the focus shifts to the details and roadmap for a phase two deal and the specifics around IP protection and other forced technology-transfer issues which make this a murky situation,” Ives said.

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