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Wall Street Fights to Keep Early Gains

Stock MarketsNov 12, 2019 03:20PM ET
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Investing.com – Stocks were struggling to hold onto morning gains Tuesday even as President Donald Trump touted his administration's economy policy and hopes for a phase one trade deal.

  • The S&P 500, Nasdaq Composite and Nasdaq 100 indexes all hit new intraday highs but pulled back after the president offered no timetable on when to expect a trade deal with China.
  • The S&P 500 was up less than a point at 3 PM ET (20:00 GMT). The Dow Jones industrials were off 0.1%. The Nasdaq and Nasdaq 100 were 0.1% higher.
  • Boeing (NYSE:BA) and Caterpillar (NYSE:CAT) were the biggest drags on the Dow. Boeing was off nearly 1% after The Wall Street Journal said the company has lost more than 200 orders for 737 MAX jets. The company blamed airline bankruptcies and customers swapping out for other models. Caterpillar's business is influenced by sales in China.
  • Walt Disney (NYSE:DIS), Merck (NYSE:MRK), and Microsoft (NASDAQ:MSFT) were among the Dow leaders. Facebook (NASDAQ:FB), Starbucks (NASDAQ:SBUX) and Advanced Micro Devices (NASDAQ:AMD) were among the Nasdaq 100 leaders.
  • Trump's speech was a rousing defense of his presidency, along with a full-throated round of bashing the Federal Reserve. But all he would say about the U.S.-China trade talks was that a deal was near.

  • Healthcare, communication services and technology were the strongest sectors, with real estate and energy the weakest. Crude oil was higher. Interest rates were off slightly.
  • Wall Street Fights to Keep Early Gains
     

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    Comments (3)
    Dong Chang
    Dong Chang Nov 12, 2019 3:41PM ET
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    Trade talk is China lowest priority right now.  Looking at the police crack down in all universities in Hong Kong last night were most concern to Beijing Gov't.   https://www.reuters.com/article/us-hongkong-protests/hong-kong-universities-become-battlefields-as-citywide-violence-spreads-idUSKBN1XM00X
    Fluffy Clucks
    ChuckKay Nov 12, 2019 3:23PM ET
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    Ler’s use the Fed’s srsenal and go to minus two. And when a crisis hits minus seven. Yeah, right. Not.
    Marc Valadas
    Marc Valadas Nov 12, 2019 3:08PM ET
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    a deal could be close a deal is close a deal would be nice I will sign a deal only if it's a great deal for America we are making good progress I did not agree to phase out tarrifs etc etc etc... when will people understand that they are being played with ?
    Carlos Alfaro
    Carlos Alfaro Nov 12, 2019 3:08PM ET
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    Specially retail traders. The game is on !
     
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