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Record-setting rally resumes as Mnuchin says trade deal to be signed

Stock MarketsDec 19, 2019 04:26PM ET
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© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York

By April Joyner

NEW YORK (Reuters) - Wall Street's major indexes resumed their rally with fresh records on Thursday as U.S. Treasury Secretary Steven Mnuchin said an initial U.S.-China trade deal would be signed in early January.

The benchmark S&P 500 hit a sixth straight all-time high, its longest streak since January 2018, and the Nasdaq ended with gains for the seventh session in a row. The S&P 500, Nasdaq and the Dow Jones Industrial Average all notched record closing highs.

Mnuchin's comments bolstered the optimism that has carried U.S. stocks higher since a trade agreement was announced last week. In an interview with CNBC on Thursday, Mnuchin said the agreement had already been put down on paper and translated, and it would not be subject to renegotiation.

The comments relieved some concerns that disagreements between Washington and Beijing could once again keep the trade deal from being finalized, market analysts said.

"There's still trepidation until we get to the actual signing," said Quincy Krosby, chief market strategist at Prudential Financial (NYSE:PRU) in Newark, New Jersey. "That said, because we've gotten some positive comments from both Beijing and Washington, it seems we're likely close to getting a signing of the trade détente."

Further boosting optimism around the strength of the U.S. economy and labor market, data on Thursday showed the number of Americans filing applications for unemployment benefits dropping from more than a two-year high last week.

The market shrugged off U.S. President Donald Trump's impeachment, as the Republican-controlled Senate is widely expected not to remove him from office.

Graphic: S&P 500 record highs - https://fingfx.thomsonreuters.com/gfx/buzzifr/15/3304/3304/gateway%20(2).jpg

The Dow Jones Industrial Average (DJI) rose 137.68 points, or 0.49%, to 28,376.96, the S&P 500 (SPX) gained 14.23 points, or 0.45%, to 3,205.37 and the Nasdaq Composite (IXIC) added 59.48 points, or 0.67%, to 8,887.22.

Conagra Brands Inc (N:CAG) shares jumped 15.9% after the Slim Jim maker beat quarterly sales and profit estimates.

Conagra's results also lifted other packaged food makers and helped the S&P 500 consumer staples index (SPLRCS) advance 0.6%.

Micron Technology Inc (O:MU) shares gained 2.8% after the chipmaker signaled a recovery in its business in 2020 and said it had received licenses to supply some products to Huawei.

Cisco Systems Inc (O:CSCO) shares rose 2.7% after Barclays (LON:BARC) upgraded its rating on the networking equipment company's stock.

Advancing issues outnumbered declining ones on the NYSE by a 1.63-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored advancers.

The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 134 new highs and 41 new lows.

Volume on U.S. exchanges was 7.08 billion shares, compared to the 6.91 billion average for the full session over the last 20 trading days.

Record-setting rally resumes as Mnuchin says trade deal to be signed
 

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Comments (13)
Ventsislav Mirchev
Ventsislav Mirchev Dec 19, 2019 4:46PM ET
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Keep buying, fellas. The selloff will be a brutal one
Mart Bab
Rubberduck1973 Dec 19, 2019 3:05PM ET
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The market also shrugged off U.S. President Donald Trump's impeachment, as the Republican-controlled Senate is widely expected to not convict and remove him from office. Hahaha. I tough it was Trump pushing market up. Seems it does’nt matter. So maybe Trump was just a break on markets. After he goes, huge movement up.
Andrew carson
Andrew carson Dec 19, 2019 3:05PM ET
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After he goes? If the Dems get in for some insane reason the market will crash like the great depression.
mighty MGTOW
mighty MGTOW Dec 19, 2019 3:05PM ET
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Rubberduck1973 is blinded by his hate for the president. Hes just not thinking clearly.
Chris Martin
Chris Martin Dec 19, 2019 3:05PM ET
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Andrew carson I didn't write it since you did. 46 years old !!!
Chris Martin
Chris Martin Dec 19, 2019 2:08PM ET
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Thanx to the Art Of The Deal author !
TA XVCI
TA XVCI Dec 19, 2019 2:08PM ET
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Art of Steal. His deal is even worse then trade war begun and it's hurting the farmers. This deal of "40B" argiculture won't even happen. China bought 27B as MOST since 10 years.
Notvery Goodathis
Peteymcletey Dec 19, 2019 1:14PM ET
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Bad deal. This deal was terrible. At least from the agricultural aspect. Less than offered last May. MUCH less. US farmers will also have to be competitive with Brazil now. This deal screwed the American people over bad. All of these deals he's made are bad.
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Chris Martin
Chris Martin Dec 19, 2019 1:14PM ET
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TA XVCI Take a course in economics. Business is in control, not your "air" -
Eric Haberman
Eric Haberman Dec 19, 2019 1:14PM ET
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isnt it fair to say this is a political rather than economic comment? we know what party you support from your language!
TA XVCI
TA XVCI Dec 19, 2019 1:14PM ET
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Chris Martin  You should mabye take a course in economics, I'm with you. Just realize how bad the macro data is compared to the stock market. It's all HOPIUM. We're heading into recession. Why has FED started printing BILLIONS everyday? QE. Don't be scared, just enjoy the ride of all air.
Notvery Goodathis
Peteymcletey Dec 19, 2019 1:14PM ET
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how? I made reference to the numbers. 70B was offered last May. The reports suggest 40B over 2, yes TWO years. It also says they don't HAVE to do it if prices aren't competitive.
Notvery Goodathis
Peteymcletey Dec 19, 2019 1:14PM ET
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40B over 2 years with Brazil prices means US farmers will sell more soybeans than before to China. The deal was bad. Very bad. And for your reference, I don't support either party. So you were wrong on both counts - congrats
Peter Dikeakos
Peter Dikeakos Dec 19, 2019 1:09PM ET
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Pete and Repete were on a cruise. Pete fell off the boat. Who is left?
Kenny Venezia
Kenny Venezia Dec 19, 2019 12:51PM ET
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these people have no shame they'll say anything. they should RICO the whole crew.
TA XVCI
TA XVCI Dec 19, 2019 12:05PM ET
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On air. Overvalued market. Gold is UP at the same time.
Atmosphere Mind
Atmosphere Mind Dec 19, 2019 11:41AM ET
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Does Anyone remember when did Tariff man say things like it before?? *joytears
Chris Martin
Chris Martin Dec 19, 2019 11:41AM ET
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You and the one with "air" hanging out?
TA XVCI
TA XVCI Dec 19, 2019 11:41AM ET
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Chris Martin  Scared? Defending all your beliefs. Recession is closer then you think. All macro data are bad and lagging, wait til it hits the market.
Michael Jones
Michael Jones Dec 19, 2019 11:27AM ET
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I road this bull long enough, gotta lock in some profits now :)
Jeff Chevalier
Jeff Chevalier Dec 19, 2019 11:09AM ET
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These are all just temporary Christmas jobs that will be gone in January. You think the people wrapping presents in the mall found a permanent job?
Chris Martin
Chris Martin Dec 19, 2019 11:09AM ET
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Just hope you get ri keep your Christmas job. I hope you do.
Jeff Chevalier
Jeff Chevalier Dec 19, 2019 11:09AM ET
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I've been working steady for 38 years and have all my ducks in a nice profitable row..
Thom Miller
Thom Miller Dec 19, 2019 10:53AM ET
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The markets are not shrugging off impeachment. Rather, the markets are responding to the fact that Trump will never be re-elected with that nasty stain on his dismal record. Just think....all of his properties’ names will now have to be changed to reflect his new status as a shamed president. Soon the new signage will go up in NYC: Impeached Trump Tower. LOL!
Andrew carson
Andrew carson Dec 19, 2019 10:53AM ET
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Wrong, the markets are laughing at the Dems because her will serve a second term
Thom Miller
Thom Miller Dec 19, 2019 10:53AM ET
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Andrew carson by “her” I assume you mean Nancy. Or, does stained Trump prance around the White House in drag with Lindsey Graham?
Andrew carson
Andrew carson Dec 19, 2019 10:53AM ET
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Thom Miller nope, even corrected the text before sending and it came out as her still.
Notvery Goodathis
Peteymcletey Dec 19, 2019 10:53AM ET
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Markets would crash with certain Democratic candidates. Mostly the ones who want to reign in share buybacks. The historic bull run has been fueled almost exclusively from debt purchased buybacks.
Chris Martin
Chris Martin Dec 19, 2019 10:53AM ET
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There's Thom... Back to your cartoons
Ozzy Goldberg
Ozzy Goldberg Dec 19, 2019 10:43AM ET
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Jobless claims are bullish due to the fact that more and more people are quitting daily jobs to focus on trading and going long on indices.
Eddie Glass
Eddie Glass Dec 19, 2019 10:08AM ET
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american citizens wont shrug off impeachment, they will re-elect trump in 2020 for this abuse of power by house democrats
Jeff Chevalier
Jeff Chevalier Dec 19, 2019 10:08AM ET
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They are completely within their rights. If anybody is abusing power, it's the orange one and his owners. He's too stupid to realize that he's being used and thrown up as the scapegoat.
Chris Martin
Chris Martin Dec 19, 2019 10:08AM ET
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Jeff Chevalier Well said comrade Jeff !
Mart Bab
Rubberduck1973 Dec 19, 2019 10:08AM ET
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I hope not, for the sake of humanity!
Eddie Glass
Eddie Glass Dec 19, 2019 10:08AM ET
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Chris Martin yes only the democrats are only allowed to abuse power and accuse others of doing what they are doing
 
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