US close: Stocks eke out small gains as record-setting rally continues

US stocks closed slightly higher on Tuesday as market participants awaited further updates on Washington and Beijing's trade war ceasefire.

At the close, the Dow Jones Industrial Average was ahead 0.11% at 28,267.16, while the S&P 500 was up just 0.03% at 3,192.38 and the Nasdaq Composite saw out the session 0.10% firmer at 8,823.36.

The Dow closed 31.27 points higher on Tuesday after all three major indices closed out the previous session at record highs as traders continued to cheer the US and China's "phase one" trade deal.

According to the President, Beijing had agreed to billions of dollars worth of agricultural purchases from the US - which he said had kept him from moving ahead with a new round of planned tariffs.

The deal, which had not yet been signed, was set to be confirmed in the first week of 2020, according to US Trade Representative Robert Lighthizer.

Investors were also looking across the pond as sterling took a tumble on Tuesday following news that Prime Minister Boris Johnson planned to add a clause to the Brexit bill making it illegal to extend the transition period beyond the end of 2020, potentially reviving the threat of a no-deal Brexit.

On the data front, a closely-followed gauge of activity in the US housing market accelerated noticeably last month, together with a pick-up in a key lead indicator for the sector.

According to the Department of Commerce, the rate of growth in US housing starts rose at a month-on-month pace of 3.2% in November to reach an annualised pace of 1.365m - a twelve-year high.

Growth in housing permits, which many analysts consider to be a reliable lead indicator for starts, also outpaced forecasts, rising by 1.4% to reach an annualised clip of 1.482m.

Elsewhere, industrial production in the US bounced back sharply last month, led by that of motor vehicles and parts, as activity in the sector recovered from two months of strike action by unions.

According to the Department of Commerce, total industrial output rebounded at a month-on-month clip of 1.1%, putting the year-on-year rate of decline at 0.8%.

In parallel, the output of non-industrial supplies increased by 0.4% and that of materials by 0.7%.

Lastly, October's JOLTS job openings figures came in ahead of expectations of 7.01m at 7.26m, while the prior month was revised up to 7.03m from 7.02m.

In corporate news, the Dow was kept in check as Boeing shares flew lower 1.01% after the aerospace giant revealed it will suspend production of its embattled 737 Max jet in the new year.

Netflix shares closed 3.70% higher after recording strong membership growth across Asia, Europe, the Middle East and Africa.