US STOCKS-Wall St opens 2020 with new records on China stimulus, trade hopes

* China cuts banks' reserve ratios again to spur economy
* U.S. weekly jobless claims fall
* Casino stocks up as Macau December sales drop less than
feared
* Indexes up: Dow 0.81%, S&P 0.52%, Nasdaq 1.03%

(Updates to late afternoon, changes byline, adds NEW YORK to
dateline)
By April Joyner
NEW YORK, Jan 2 (Reuters) - Wall Street's major indexes hit
record highs to open the new year on Thursday, as fresh economic
stimulus from China 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. The move to inject fresh
stimulus into the Chinese economy boosted equity markets around
the globe. The benchmark S&P 500 .SPX touched its 11th record high in
14 sessions. The Nasdaq was on track for its biggest daily
percentage gain in more than a month, while the Dow .DJI was
set for its largest such gain in nearly four weeks.
Economic stimulus in China, along with the easing of trade
tensions between Washington and Beijing, has bolstered optimism
that global economy will accelerate in 2020.
The U.S.-China trade détente has fueled Wall Street's recent
rally, including on Tuesday after U.S. President Donald Trump
said an initial trade pact would be signed on Jan. 15.
Among the S&P 500's sectors, technology .SPLRCT and
industrials .SPLRCI , both of which have high exposure to the
Chinese economy, rose more than 1% and led in percentage gains.
By contrast, the defensive utilities .SPLRCU and real estate
.SPLRCR sectors each fell more than 1%.
"The market's been up all day because of the news that China
is out there with monetary easing," said Tim Ghriskey, chief
investment strategist at Inverness Counsel in New York. "With
the trade deal as a backdrop, it's a positive factor."
The Dow Jones Industrial Average .DJI rose 231.9 points,
or 0.81%, to 28,770.34, the S&P 500 .SPX gained 16.73 points,
or 0.52%, to 3,247.51 and the Nasdaq Composite .IXIC added
92.11 points, or 1.03%, to 9,064.71.
Adding to positive economic sentiment, data from the U.S.
Labor Department showed the number of Americans filing claims
for jobless benefits edged lower last week. Other data from Greater China showing that gross gaming
revenue in Macau fell less than expected in December boosted
shares of U.S. casino operators. Shares of Wynn Resorts Ltd
WYNN.O , Las Vegas Sands Corp LVS.N and Melco Resorts &
Entertainment Ltd MLCO.O rose between 2% and 4%. Advancing issues outnumbered declining ones on the NYSE by a
1.34-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored advancers.
The S&P 500 posted 48 new 52-week highs and one new low; the
Nasdaq Composite recorded 103 new highs and 14 new lows.