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Wall Street sets records on trade progress optimism

Stock Markets Nov 25, 2019 05:12PM ET
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© Reuters. Traders work on the floor at the NYSE in New York

By Chuck Mikolajczak

(Reuters) - Each of Wall Street's three major averages kicked off the trading week with record closes on Monday as signs pointed to progress between the United States and China on a trade truce, while a round of merger deals also helped buoy sentiment.

A Chinese state-backed tabloid said Beijing and Washington were "moving closer to agreeing" to an initial pact, which lifted trade-sensitive semiconductor stocks, including Applied Materials Inc (O:AMAT), up 4.18%, and Lam Research Corp (O:LRCX), which gained 2.68%. The Philadelphia Semiconductor index (SOX) jumped 2.43% and was on pace for its best day in just over three weeks.

Nvidia Corp (O:NVDA) rose 4.89% and paced the gains on the chip index as Morgan Stanley (NYSE:MS) upgraded its shares to "overweight" from "equal weight".

The newspaper report came on the heels of comments over the weekend by a top U.S. official that an agreement was still possible by the end of the year, dampening worries the negotiations could spill over into 2020.

"Trade is the fulcrum of investor emotions," said Sam Stovall, chief investment strategist at CFRA Research in New York.

"If they are feeling good that we will get some sort of an agreement then the market is up 100 points, if they are feeling the other way then the market is down 100 points."

The Dow Jones Industrial Average (DJI) rose 189.77 points, or 0.68%, to 28,065.39, the S&P 500 (SPX) gained 23.29 points, or 0.75%, to 3,133.58 and the Nasdaq Composite (IXIC) added 112.60 points, or 1.32%, to 8,632.49.

Apple Inc (O:AAPL) rose 1.75% as the top boost to the S&P and Nasdaq and the second-biggest lift to the price-weighted Dow Jones Industrial Average.

Gains on Monday were broad with only the defensive consumer staples (SPLRCS) and utilities (SPLRCU) S&P sectors in the red. Tech (SPLRCT) gains helped push the Nasdaq (IXIC) up by more than 1 percent, with the group on pace for its best day since Nov. 1.

Tiffany & Co (N:TIF) jumped 6.20% and was the biggest gainer on the S&P 500 as the luxury jeweler agreed to a sweetened $16.2 billion deal to be acquired by France's LVMH (PA:LVMH).

U.S. discount brokerage TD Ameritrade Holding Corp (O:AMTD) was up 7.58% after larger rival Charles Schwab Corp (N:SCHW) said it would buy the company in an all-stock deal valued at about $26 billion. Schwab rose 2.30%.

EBay Inc (O:EBAY) gained 2.08% after the e-commerce major said it would sell ticketing unit StubHub to ticket reseller Viagogo for $4.05 billion in cash.

After the market closed, shares of Palo Alto Networks Inc (N:PANW) tumbled after the cybersecurity firm's quarterly results.

Major averages on Wall Street have reached a series of new highs recently on hopes for progress of a trade deal and as third-quarter corporate earnings came in better than lowered expectations. Monday marked the fourth closing record for the Dow, S&P 500 and Nasdaq in the past seven sessions.

Failing to participate in the advance, Uber Technologies (N:UBER) slipped 1.52% as the ride-hailing company was stripped of its license to carry paying passengers in London for the second time in just over two years.

Advancing issues outnumbered declining ones on the NYSE by a 2.75-to-1 ratio; on Nasdaq, a 3.30-to-1 ratio favored advancers.

The S&P 500 posted 40 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 139 new highs and 61 new lows.

Volume on U.S. exchanges was 6.55 billion shares, compared to the 7.03 billion average for the full session over the last 20 trading days.

Wall Street sets records on trade progress optimism
 

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Comments (24)
Hank Williams
Hank Williams Nov 25, 2019 10:36PM ET
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Feeling like 1929. ha ha ha ha
Gods Money
Gods Money Nov 25, 2019 7:41PM ET
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Trade optimism = Fed creating $200 billion of credit out of thin air every month
Gods Money
Gods Money Nov 25, 2019 7:40PM ET
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Trade optimism = Fed creating $200 billion of credit out of thin air every month
David David
David9 Nov 25, 2019 6:59PM ET
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I told you guys ... China is a Lion. When she doesn't Roar, worldwide markets rallied. But when the Lion gets poked, we will hear a loud China Roar and worldwide markets will crumbles with Red across the board from Sea to the Shiny Sea. That is how powerful the China Roar is.
Humayun Babar
Humayun Babar Nov 25, 2019 3:58PM ET
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very well said
Luu Hung
Luu Hung Nov 25, 2019 3:42PM ET
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Who's here just for reading comment lol
Noelle Milton Vega
NYCeyes Nov 25, 2019 3:42PM ET
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Good one.
Ni Ag
Ni Ag Nov 25, 2019 3:40PM ET
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They recycle this every day because keywords such as optimism, hope etc fuels the algos so they can continue to pump the market. its all rigged and they will keep it pumped as long as they want.
Noelle Milton Vega
NYCeyes Nov 25, 2019 3:40PM ET
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Exactly right.
Azam Khan
Azam Khan Nov 25, 2019 3:30PM ET
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Amazon is a market leader today as expected due to Christmas at the corner and boosted Nasdaq along with Tesla and Apple
Azam Khan
Azam Khan Nov 25, 2019 3:17PM ET
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I agree with comments over here, every day news come that deal is close and by the end of year there will be a deal I think nasdaq and Dow both are over priced now and we will see a decline tomorrow Telsa CEO news about 200,000 orders have boosted up Telsa share and apple expansion news have accelerated Apple share with better earning per share this quarter
Humayun Babar
Humayun Babar Nov 25, 2019 3:17PM ET
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I think same, i hope people will not face heavy losses
Nov 25, 2019 1:47PM ET
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how much can u buy a stock up
 
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