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Wall Street is having its best start to the year in nearly three decades

Decreasing trade tensions with China and less fear about rate hikes from the Federal Reserve have helped push stocks higher.
Image: Peter Mazza, Mario Picone
Specialists Peter Mazza, left, and Mario Picone work on the floor of the New York Stock Exchange on Dec. 26, 2018.Richard Drew / AP
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The stock market rallied on the first day of March, as Wall Street looked to build on its best start to a year in nearly 30 years.

As of the opening bell on Friday, the Dow Jones Industrial Average gained around 200 points. The S&P 500 and Nasdaq were also up sharply.

The moves come after all three major indexes posted solid monthly gains in February, pushing them to their best start to a year since 1991. The Dow and S&P 500 were both up more than 11 percent through Thursday's close while the Nasdaq Composite is up 13.5 percent.

Decreasing trade tensions between China and the U.S., along with a declining fears of tighter monetary policy from the Federal Reserve, helped propel stocks higher to kick off 2019.

Bloomberg News reported Thursday that U.S. officials are getting a final trade deal ready for President Donald Trump and Chinese President Xi Jinping to sign around mid-March.

That report came after White House economic adviser Larry Kudlow told CNBC the two countries are making "fantastic" progress in their negotiations. Treasury Secretary Steven Mnuchin also told CNBC the two sides have "made a lot of progress."