[New York Close] Effect of China's Tariff Reduction... 3 Major Indexes Reach All-Time Highs

[Asia Economy New York=Correspondent Baek Jong-min] All three major New York stock indexes soared to record highs. Analysts attribute this largely to China's announcement of tariff reductions on U.S. products despite concerns over the novel coronavirus.

On the 6th (local time), the Dow Jones Industrial Average rose 88.92 points (0.30%) from the previous day to close at 29,379.77, the S&P 500 increased by 11.09 points (0.33%) to 3,345.78, and the Nasdaq rose 63.47 points (0.67%) to finish at 9,572.15.

After the S&P 500 and Nasdaq reached record highs the previous day, the Dow also hit an all-time high, alleviating most concerns related to the novel coronavirus. The New York stock market has risen for four consecutive days following last weekend's sharp decline.

China's announcement that it will reduce tariffs on $75 billion worth of U.S. products starting at 1:01 PM on the 14th of this month was seen as a boost to investor sentiment. Products previously subject to a 10% tariff will see it lowered to 5%, and those with a 5% tariff will be reduced to 2.5%.

MarketWatch noted that market concerns over the novel coronavirus have relatively subsided, allowing the market's upward trend to continue.

By individual stocks, Twitter led the gains with a sharp rise of 15.03%, after its fourth-quarter sales surpassed $10 billion for the first time ever.

Oil prices also rose for the second consecutive day. West Texas Intermediate (WTI) crude oil closed at $50.95 per barrel, up 0.4% ($0.20). Gold finished at $1,570.0 per ounce, up 0.5% ($7.20).