US STOCKS-Wall St starts 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 1.16%, S&P 0.84%, Nasdaq 1.33%

(Updates to market close)
By April Joyner
NEW YORK, Jan 2 (Reuters) - Wall Street's major indexes
notched 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 hit its 11th record high in 14
sessions and posted its largest daily percentage gain in three
weeks. The Dow registered its biggest such gain in almost four
weeks, and the Nasdaq its greatest in nearly three months.
Economic stimulus in China, along with the easing of trade
tensions between Washington and Beijing, has bolstered optimism
that the global economy will accelerate in 2020.
"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."
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.
Shares of Apple Inc AAPL.O , which have been a bellwether of
trade sentiment, ended 2.3% higher and surpassed $300.
The lengthy rally on Wall Street has prompted some concerns
that U.S. stocks are vulnerable to a pullback, especially if
economic growth does not pick up as much as expected or if
U.S.-China trade tensions reignite.
"Large-cap equities are priced for perfection," said Peter
Cecchini, global chief market strategist at Cantor Fitzgerald in
New York. "It feels like we're wildly overbought given the risks
that we see."
The Dow Jones Industrial Average .DJI rose 330.36 points,
or 1.16%, to 28,868.8, the S&P 500 .SPX gained 27.07 points,
or 0.84%, to 3,257.85 and the Nasdaq Composite .IXIC added
119.59 points, or 1.33%, to 9,092.19.
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
1.74-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favored advancers.
The S&P 500 posted 59 new 52-week highs and one new low; the
Nasdaq Composite recorded 115 new highs and 15 new lows.
Volume on U.S. exchanges was 7.61 billion shares, compared
to the 6.85 billion-share average for the full session over the
last 20 trading days.