Wall Street climbs to records, fueled by trade comments

NEW YORK (Reuters) – U.S. stocks crawled higher on Tuesday, and all three major Wall Street indexes notched record levels, as upbeat comments by President Donald Trump on trade talks eclipsed some softer-than-anticipated economic data.

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid

Trump said the United States and China were close to an agreement on the first phase of a deal, while stressing Washington’s support for protesters in Hong Kong, a point of contention between the world’s two largest economies.

“Right now the characterization is things are pretty good so we are kind of gaining on it, but until it is done, it is not done,” said Scott Ladner, chief investment officer at Horizon Investments in Charlotte, North Carolina. “So a holding pattern is probably, unfortunately, a very appropriate place for the market to be right about now.”

The Dow Jones Industrial Average .DJI rose 55.21 points, or 0.2%, to 28,121.68, the S&P 500 .SPX gained 6.88 points, or 0.22%, to 3,140.52 and the Nasdaq Composite .IXIC added 15.45 points, or 0.18%, to 8,647.93.

Walt Disney Co (DIS.N) gained 1.30% after a report that its streaming service was averaging nearly 1 million new subscribers a day. The stock helped keep the Dow Jones Industrial Average on the plus side, providing about 20 points to the upside.

Rising hopes for a trade deal between the world’s two largest economies, solid U.S. economic indicators and a third-quarter corporate earnings season that has largely topped lowered expectations have pushed stocks higher. The three major indexes have now notched a record close in five of the past eight sessions.

Also supporting stocks has been the dovish turn by the Federal Reserve, which has cut interest rates three times this

Read More Here...

Bookmark the permalink.