US stocks add to records after trade deal announcement

Wall Street stocks jumped early Thursday, adding to records following the signing of a US-China trade accord and solid US retail sales data.

Analysts generally view the US-China deal as removing the near-term risk of an escalation between the two economic powers, even though there is skepticism it will resolve issues between the countries.

The Senate later Thursday is expected to approve a new trade accord between the United States, Mexico and Canada, another benign trade development that has boosted sentiment.

Retail sales for December rose 0.3 percent as US consumers continued to spend freely through the key holiday shopping season.

About 25 minutes into trading, the Dow Jones Industrial Average stood at 29,178.52, up 0.5 percent.

The broad-based S&P 500 also gained 0.5 percent, rising to 3,305.00, while the tech-rich Nasdaq Composite Index won 0.7 percent, moving up to 9,326.33.

The Dow and S&P 500 both closed at records on Wednesday.

Among individual companies, Morgan Stanley gained 5.7 percent as fourth-quarter earnings easily topped expectations, making it the latest large financial group to report good results.

Among other companies reporting results, PPG Industries lost 3.7 percent and Alcoa 7.9 percent.