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Stocks - Disney, Apple, Nike Power Dow to New Highs

Stock Markets Nov 13, 2019 05:20PM ET
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© Reuters.

Investing.com – In a tale of two stock markets, the Dow surged to new intraday and closing highs, while the other major indexes struggled.

Walt Disney (NYSE:DIS), Apple (NASDAQ:AAPL) and Nike (NYSE:NKE) powered the Dow above 27,800 for the first time, and the blue chips closed at a record 27,783.59, a gain of 0.3%.

At the same time, the S&P 500 barely set a new closing high of 3,094, up two points or 0.07%. The Nasdaq Composite and Nasdaq 100 indexes dropped 0.05% each on worries a U.S.-China trade deal may fall apart.

Disney added 68 points to the Dow's 92-point gain by itself, rising 7.32% after reporting that more than 10 million people subscribed to the company's Disney+ streaming service, which launched Tuesday. Disney also hit a 52-week intrady high of $149.92.

Apple), preparing to launch its own streaming service, rose 1% and added 17 points to the Dow. It also set a new all-time intraday high of $264.78.

NKE, up 2%, was worth 12 points to the Dow.

After hours, Cisco Systems (NASDAQ:CSCO) reported fiscal first-quarter results that beat estimates compiled by Investing.com. But the Dow component's shares were nearly 4% lower after hours because the networking giant's second-quidance was lighter than expected.

Earnings due Thursday include retail giant (and Dow component) Walmart (NYSE:WMT) and graphics chip maker Nvidia (NASDAQ:NVDA)

The China-U.S. trade fight muscled its way into the market psyche on a report China is balking at some of the terms of the trade deal. It wants tariffs lifted on products imported into the United States, and The Wall Street Journal said China is also unwilling to quantify the dollar amount of soybeans, pork and other U.S. farm products it will buy from the U.S.

President Donald Trump had previously said China committed to buying up to $50 billion in farm products.

The news dented hopes that the phase one deal will be signed sooner rather than later, the Journal said.

The news hit agriculture stocks. Fertilizer company maker Mosaic (NYSE:MOS) fell 6%. Seed and chemical company Corteva (NYSE:CTVA) fell 3.74%.

Interest rates moved lower, resulting in strength for utility and real estate stocks. Consumer services and technology stocks were also strong. Financial, energy and materials stocks were the weakest sectors. The 10-Year Treasury yield fell to 1.886% from Tuesday's 1.909%.

The U.S. China uncertainty pushed gold up $9.60 an ounce to $1,463.30 an ounce in New York. West Texas Intermediate crude moved up 32 to $57.12 a barrel. Brent crude added 31 cents to $62.37.

Walt Disney (NYSE:DIS) was the top S&P 500 performer, as well as the Dow leader. Other top S&P 500 performers were food giant ConAgra Foods (NYSE:CAG), Xcel Energy (NASDAQ:XEL), the big Midwestern electric utility company and Mid-America Apartment Communities (NYSE:MAA).

The S&P 500's biggest laggards included fertilizer maker Mosaic (NYSE:MOS), oil company Hess (NYSE:HES), insurance company Progressive (NYSE:PGR) and Corteva (NYSE:CTVA), the seed and agricultural chemical company spun off by DuPont (NYSE:DD).

Stocks - Disney, Apple, Nike Power Dow to New Highs
 

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Comments (2)
Chris Armstrong
Chris Armstrong Nov 13, 2019 4:51PM ET
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But, but, but, trade war.
eddie glass
eddie glass Nov 13, 2019 4:35PM ET
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wallstreet must really want trump to get re-elected lol
Erski Gumby
SB20 Nov 13, 2019 4:35PM ET
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Imagine the alternatives.
Steven Chen
Gamer_LG Nov 13, 2019 4:35PM ET
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they fighting hard on wealth tax and medicare for all. if slavery isn't viewed as inhumane, they did lobby for it.
eddie glass
eddie glass Nov 13, 2019 4:35PM ET
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Erski Gumby the democrat part is so against admitting the mistake they made in 2016 they are giving control of the party to left wing lunatics and have handed trump 2020 in the process. i think even trump is surprised a the stock market as even he said it was in a bubble, but people clearly are not willing to put money where their mouth is in bad mouthing trump. all 2016 they said the economy would collapse under trump but even with the trade war still going on markets still pumping into all time highs. if the media was no so partisan trump would be receiving massive congratulations for his successes. he has been right about many things, but the children on the left are just too brainwashed to admit they were wrong.
eddie glass
eddie glass Nov 13, 2019 4:35PM ET
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Erski Gumby and on top of that their top candidate Biden was knocked out of the race by their own party who is trying to impeach trump for crimes biden committed lol
holy piger
holy piger Nov 13, 2019 4:35PM ET
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wall street loves trump as he promises pushing the market till the unbelievable level.
 
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