The stock market started 2020 with a bang as the Dow Jones Industrial Average got off to its fastest start to a year since 2013.
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The 30-stock index rallied 330 points, or 1.1 percent Thursday while the Nasdaq Composite and S&P 500 added 0.8 percent and 1.3 percent, respectively. All three of the major averages closed in record territory, picking up where they left off in 2019.
|I:DJI||DOW JONES AVERAGES||28195.42||-410.89||-1.44%|
|I:COMP||NASDAQ COMPOSITE INDEX||11478.882835||-192.67||-1.65%|
Last year, the benchmark S&P gained 28.9 percent while the Nasdaq Composite and Dow Jones Industrial Average rallied 35.2 percent and 22.3 percent, respectively.
The gains came after the People's Bank of China said it would cut its reserve requirement ratio by 50 basis points, lowering the amount of money banks are required to keep on hand.
Apple shares hit a record high, and crossing the $300 level for the first time.
Meanwhile, AMD spiked after Nomura Instinet raised its price target to $58 from $40, suggesting new products will help the company strengthen its position in the chip market.
|AMD||ADVANCED MICRO DEVICES INC.||82.00||-1.17||-1.41%|
Elsewhere, Boeing gained despite Reuters reporting rival Airbus delivered a record 863 aircraft in 2019, making it the top planemaker for the year.
Ford was little changed after receiving a downgrade at Evercore. The firm cut its rating on the automaker to "underperform," citing its high valuation.
|F||FORD MOTOR COMPANY||7.59||-0.08||-1.04%|
On the deals front, Anixter International accepted a $93.50 a share in cash offer from Clayton Dubilier & Rice LLC. The deal, which values Anixter at about $4.3 billion, comes after Wesco last month offered $93.50 a share in cash and stock.
Looking at commodities, gold was up 0.5 percent at $1,530 an ounce and West Texas Intermediate crude oil was higher by 0.1 percent at $61.14 a barrel.
U.S. Treasurys gained, pushing the yield on the 10-year note down almost 3 basis points to 1.88 percent.
In Europe, France's CAC 40 rose 1.1 percent while Germany's DAX added 1 percent and Britain's FTSE was higher by 0.8 percent.
Overnight, Hong Kong's Hang Seng jumped 1.1 percent and China's Shanghai Composite gained 1.2 percent. Tokyo was still closed for the New Year's holiday.
FOX Business' Ken Martin and The Associated Press contributed to this article.