Stocks started the year on the front foot, building on strong gains for many asset classes in 2019 as investors cheered the latest policy move by China’s central bank to support its economy. Treasuries and the dollar strengthened.
The S&P 500 jumped 0.8% to a record on the year’s first trading day, with megacaps Apple, Alphabet and Nike notching all-time highs. It was among the best starts for U.S. stocks in the past decade, though first-day performance has virtually no bearing on how the year plays out. Tech shares led gains, with AMD surging 7% after an upgrade. Small caps underperformed, with the Russell 2000 sliding 0.1%.