US stocks closed higher, but significantly higher, on Wednesday after the market eased somewhat after President Trump signed a first trade deal with China and brought a two-year trade dispute between the world's largest economies to a standstill. The daily gains, however small, contributed to the Dow Jones Industrial Average closing price above 29,000
DJIA, + 0.31%.
This represents a psychologically significant level for the blue chip benchmark. The Dow closed 91 points, or 0.3%, at 29,031 points, but peaked at 29,127 points during the day before falling back. The S&P 500 index
SPX, + 0.19%
closed 0.2% higher at 3,289, enough for an all-time high, during the Nasdaq Composite Index
COMP, + 0.08%
ended the race with 9,259 points, 0.1% higher, lagging behind the record for the technology-intensive benchmark. However, all three benchmarks touched intraday records. President Trump signed a landmark contract to increase sales of U.S. goods and services to Beijing. Protection of United States intellectual property rights was part of a 96-page contract. The long-awaited pact is also expected to expand US access to Chinese financial markets. However, the markets were concerned that the deal would not go far enough and that further progress would be difficult.