U.S. stocks edged higher Wednesday following upbeat economic data and optimistic comments from President Trump on progress in the trade talks between China and the U.S.
All three major indexes set new records in a quiet session ahead of Thursday’s Thanksgiving holiday. The Dow Jones Industrial Average rose 43.32 points, or 0.2%, to 28164.00. The S&P 500 index rose 13.11 points, or 0.4% to 3153.63. The Nasdaq Composite added 57.24 points, or 0.7%, to 8705.18.
The new highs came after traders were encouraged by U.S. economic reports that showed more growth than expected. Third-quarter gross domestic product was revised to up 2.1% from 1.9% and October durable-goods orders rose more than anticipated. Jobless claims for last week fell.
“The economy is not about to fall off a cliff,” Gregory Daco, chief U.S. economist at Oxford Economics, wrote in a note. “However, the lingering global industrial slump, persistent trade policy uncertainty and cooling income growth all point to weaker activity in the coming months.”
The yield on the U.S. 10-year Treasury note rose to 1.766%, according to Tradeweb, from 1.739% on Tuesday. The price of U.S. crude fell 0.5% to $58.11. Gold dropped 0.5% to $1,453.40.
Mr. Trump stoked hopes that negotiations may be advancing between the world’s two largest economies when he said Tuesday that the U.S. and China were in the “final throes of a very important deal.”
But the president also offered support for pro-democracy parties in Hong Kong in his comments to reporters gathered at the White House. Mr. Trump has previously acknowledged that the protests in Hong Kong are a “complicating factor” in his efforts to strike a trade deal with China, and he hasn’t yet said if he would sign a bill passed by Congress in support of the protesters.
“The Hong Kong position by the U.S. makes a deal less likely in the short term,” said Oliver Jones, market economist at research firm Capital Economics.
In recent weeks, investors have struggled to gauge which of the issues between the two countries-—ranging from support for Hong Kong protesters to intellectual property rights protection and purchases of agricultural products—may ultimately hold sway and determine the outcome of the trade talks. “There is a sense of fatigue in markets, of the boy who cried wolf,” Mr. Jones said.
On Wednesday, the Dow industrials were weighed down by declines in shares of Boeing. The aerospace company lost $5.51, or 1.5% to $368 after reports that regulators in Europe and the Middle East plan to do their own reviews of the new 777X.
Shares of Deere fell $7.59, or 4.3% to $7.59, after the agricultural-equipment maker said it expected sales to fall in its agriculture-and-turf and construction-and-forestry segments in fiscal 2020 as lingering trade tensions have made farmers more reluctant to invest in new machinery.
Dell Technologies fell $2.81, or 5.4% to $50.32, after the computer maker cut its revenue guidance and cited a shortage of chips from Intel.
Overseas, the pan-continental Stoxx Europe 600 climbed 0.3%. In Asia, the Shanghai Composite Index ended the day down 0.1% after China’s National Bureau of Statistics released data showing a decline in profits for the country’s industrial sector, which has been hit by U.S. tariffs.
Write to Anna Isaac at anna.isaac@wsj.com and Paul Vigna at paul.vigna@wsj.com
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Business - Latest - Google News
November 28, 2019 at 01:33AM
https://ift.tt/2QWQVdx
S&P 500 Ticks Higher on Fresh Trade Optimism - The Wall Street Journal
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "S&P 500 Ticks Higher on Fresh Trade Optimism - The Wall Street Journal"
Post a Comment