Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Wall Street crawls to record levels on trade hopes

Stock Markets Nov 26, 2019 04:22PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor at the NYSE in New York
 
US500
-1.04%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.38%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DIS
-2.21%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BBY
-1.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DLTR
-4.53%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
IXIC
-1.59%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Chuck Mikolajczak

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.

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 (N:DIS) 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 year. Fed Chair Jerome Powell said on Monday that monetary policy was "well positioned" to support the strong labor market.

Investors are watching for signs on the health of the consumer for the holiday shopping season. Consumer confidence fell for a fourth straight month in November but remained at levels sufficient to support a steady pace of consumer spending, according to data on Tuesday. A separate report showed that new home sales unexpectedly dropped in October, although data for the prior month was revised up, with purchases hitting their highest level in over 12 years.

Eight of the 11 major S&P 500 sectors were higher. The consumer discretionary sector (SPLRCD) rose 0.81% and provided the biggest boost, led by a 9.86% jump in shares of Best Buy Co Inc (N:BBY) following a strong holiday-quarter profit forecast.

In contrast, Dollar Tree Inc (O:DLTR) tumbled 15.24% after it projected holiday-quarter profit below estimates, signaling the fallout from the trade dispute.

Best Buy was the best performer on the S&P 500, while Dollar Tree was the biggest drag on both the S&P and the Nasdaq.

Among other stocks, Hewlett Packard Enterprise Co (N:HPE) fell 8.48% as the enterprise software maker missed fourth-quarter revenue estimates.

Volume on U.S. exchanges was 7.96 billion shares, compared to the 7.12 billion average for the full session over the last 20 trading days. Trading volume is expected to lighten considerably in the sessions surrounding the Thanksgiving holiday on Thursday.

Advancing issues outnumbered declining ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored advancers.

The S&P 500 posted 36 new 52-week highs and one new low; the Nasdaq Composite recorded 120 new highs and 66 new lows.

Wall Street crawls to record levels on trade hopes
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Tony Montana
TonyMontana Nov 26, 2019 5:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
BIGGEST bubble in history!!!!!
YG Minano
YG Minano Nov 26, 2019 11:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hahah white house
Peang Thathong
Peang Thathong Nov 26, 2019 9:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
White house lock down..!?
Peang Thathong
Peang Thathong Nov 26, 2019 9:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
WHITE HOUSE locked down..!? Whst happen?
Peter Dikeakos
Peter Dikeakos Nov 26, 2019 7:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Show me the beast. 40 out of 500 made New Highs yesterday. HEHEHE.....HEHEHEHEE
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email