Wall Street kicks off 2020 at record levels on China stimulus, trade hopes

China’s central bank said on Wednesday it would cut the amount of cash that all banks must hold as reserves, the eighth such cut since early 2018, injecting fresh stimulus into the economy, while also boosting global markets.

The benchmark S&P 500 has hit intraday record high in 11 of 14 sessions. It ended higher on Tuesday after President Donald Trump said an initial U.S.-China trade pact would be signed on Jan. 15. Trump also said he would later travel to Beijing to begin talks on the next phase.