U.S. stocks extended their rally into the new year, with all three major indexes hitting record highs on Thursday, as fresh stimulus from Beijing to prop up its economy added to optimism fueled by easing trade tensions and an improving global outlook.
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 Dow was on track for its biggest percentage gain in three weeks, while the S&P 500 hit its 11th intraday record high in 14 sessions.