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Wall Street hits records on cooling trade tensions

Credit: Reuters Studio
Published on December 16, 2019 - Duration: 01:40s

Wall Street hits records on cooling trade tensions

Wall Street set record closing highs for all three major indices on Monday as cooling trade tensions between the U.S. and China inspired confidence in the global economy.

Conway G.

Gittens reports.

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Wall Street hits records on cooling trade tensions

A day of fresh record closing highs across the board on Wall Street as cooling trade tensions between Washington and Beijing gave investors a green light to buy stocks.

Hopes Monday that the so-called phase one trade deal removes an overhang from the global economy - powered tech stocks the most - lifting the Nasdaq nearly a full percent.

But Dan Suzuki, portfolio strategist at Richard Bernstein Advisors - is concerned that with stocks at record highs, investors are overlooking some potential negatives out there.

SOUNDBITE (ENGLISH) DAN SUZUKI, PORTFOLIO STRATEGIST, RICHARD BERNSTEIN ADVISORS, SAYING: "Nothing is falling off a cliff just yet but at RBA we focus on profits, liquidity and sentiment; profits being the most important thing.

If you look at profits all around the world they are slowing, in some regions worse than others.

And I think there is this idea that some of the green shoots that we've gotten over the last couple of weeks, couple of months that we are off to the races and we're going to have a typical V-shaped recovery, one of the biggest risks there is that you don't get the V-shaped recovery." In corporate news - Amazon is taking its fight with FedEx to a new level.

Earlier this year, FedEx terminated its partnership with Amazon.com as the online retailer takes on more deliveries internally...and now Amazon is banning its third-party sellers from using FedEx's ground delivery service for Prime shipments, according to the Wall Street Journal.

The ban went into effect this week as the Christmas shopping season heads into the home stretch.

Reuters reached out to both companies for comment but neither responded.

Shares of FedEx fell Monday.

Amazon was up slightly for the day.

Expect the topic to come up when FedEx reports quarterly results Tuesday.

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