The Dow kicks off the new year with a record high

The Dow, S&P 500 and Nasdaq Composite all reached record trading highs within the first hour of market action on Thursday. Happy New Year, Wall Street!

Equities are adding onto their 2019 gains, which led the S&P 500 and the Nasdaq to their best performances since 2013.

The Dow was up 0.4%, or 115 points, while the S&P 500 climbed 0.2% around mid-morning. The Nasdaq was up 0.5%.

But it wasn't just US markets that fared well on the first trading day of the year. Global stocks were higher after China's central bank moved to stimulate the economy.

Economists view China as the growth engine for the world economy, so a central bank committed to keeping this engine going would be helpful to markets.

American and Chinese officials are set to sign their "phase one" trade deal on January 15 in Washington. This good news has already been priced into the market. But stocks will be exposed to trade-related headline risk again as the two largest economies in the world embark on negotiating "phase two".