U.S. stocks had major gains on Wednesday as the U.S. and China signed the first part of a trade deal in Washington D.C. The Dow Jones Industrial Average pushed to a new record high above 29,000, although the S&P 500 and Nasdaq closed lower than their initial midday highs.

The partial trade agreement between the U.S. and China includes an additional $200 billion in U.S. goods over the next two years that China will purchase, the goods being manufactured, agricultural, energy and services. The deal contains concessions by the Chinese to crack down on intellectual property theft as well.

Here's how the market closed after regular trading Wednesday:

S&P 500 Index (SPY  ): +0.19% or +6.21 points to 3,289.36

Dow Jones Industrial Average (DIA  ): +0.32% or +91.16 points to 29,030.83

Nasdaq Composite Index (QQQ  ): +0.08% or +7.37 points to 9,258.70

In Major Stock News, Target (TGT  ) shares dropped more than 8% after the retailer reported holiday sales that were less than expected. Shares of Hasbro (HAS  ) and Mattel (MAT  ) also took a hit after Target reported their decline in toy sales over the major shopping season. Beyond Meat (BYND  ) dropped after Goldman Sachs (GS  ) revised the firm's target price for the stock. Big bank stocks like Bank of America (BAC  ), Wells Fargo (WFC  ) and Goldman Sachs all fell after their mixed fourth quarter earning reports.

In U.S. Sector News, the majority of the 11 sectors posted performance growth on Wednesday. Those that had share gains include Utilities +1.41%, Health Care +0.85%, Real Estate +0.77%, Consumer Staples +0.65%, Materials +0.64%, Communication Services +0.34%, Industrials +0.09% and Information Technology +0.07%. The few that had performance decline in current markets include Energy -0.67%, Financials -0.55% and Consumer Discretionary -0.26%.

Lastly, in Commodity and Currency News, oil prices are slightly down after the U.S.-China trade deal as U.S. crude production increased. West Texas Intermediate (USO  ) decreased -0.07% and Brent Crude fell almost -0.40%. Gold (GLD  ) traded better Wednesday due to market volatility around the partial trade deal. The metal's share price gained over +0.60%. Finally, the U.S. Dollar decreased in value Wednesday, with the DXY Index dropping -0.20%.