The hot start follows a blockbuster 2019

The stock market started 2020 with a bang as the Dow Jones Industrial Average got off to its fastest start to a year since 2013.

The 30-stock index rallied 330 points, or 1.1 percent Thursday while the Nasdaq Composite and S&P 500 added 0.8 percent and 1.3 percent, respectively. All three of the major averages closed in record territory, picking up where they left off in 2019.

Last year, the benchmark S&P gained 28.9 percent while the Nasdaq Composite and Dow Jones Industrial Average rallied 35.2 percent and 22.3 percent, respectively.

The gains came after the People's Bank of China said it would cut its reserve requirement ratio by 50 basis points, lowering the amount of money banks are required to keep on hand.

Apple shares hit a record high, and crossing the $300 level for the first time.

Meanwhile, AMD spiked after Nomura Instinet raised its price target to $58 from $40, suggesting new products will help the company strengthen its position in the chip market. Read more at FOX Business