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Trade hopes move S&P 500 close to new record high

Stock Markets Oct 21, 2019 04:45PM ET
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© Reuters. Traders work on the floor at the NYSE in New York

By April Joyner

NEW YORK (Reuters) - The benchmark S&P 500 stock index rose within striking distance of a record high on Monday as further signs of progress toward resolution of the U.S.-China trade war boosted shares in sectors sensitive to trade and the global economy.

U.S. President Donald Trump continued to strike optimistic tones, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well.

"People are continuing to be optimistic that some type of trade truce with China can be pushed forward," said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance in Charlotte, North Carolina.

Trade-sensitive technology stocks (SPLRCT) rose 1.1%, adding the most to the S&P 500. Semiconductor companies, which derive much of their revenue from China, especially climbed. The Philadelphia SE Semiconductor Index advanced 1.9%.

The economically sensitive energy (SPNY) and financial (SPSY) sectors led percentage gains on the S&P 500. Energy shares gained 1.9% while financials rose 1.4%.

Stocks have also benefited from the steepening U.S. Treasury yield curve as well as better-than-expected corporate earnings thus far, said Mona Mahajan, U.S. investment strategist at Allianz (DE:ALVG) Global Investors in New York. In Monday's trading, the S&P 500 rose above 3000 to come within 0.7% of its record closing high.

"We're watching for a breakout to the upside of that range," she said. "Thus far, the early signs we're seeing are favorable."

Losses in Boeing Co (N:BA) capped gains in the Dow Jones Industrial Average. Boeing shares shed 3.8% as several brokerages downgraded ratings on the stock following reports that cast doubt on when the 737 MAX jet will return to service.

The Dow Jones Industrial Average (DJI) rose 57.44 points, or 0.21%, to 26,827.64, the S&P 500 (SPX) gained 20.52 points, or 0.69%, to 3,006.72 and the Nasdaq Composite (IXIC) added 73.44 points, or 0.91%, to 8,162.99.

This week's earnings lineup includes high-profile companies such as Boeing, Microsoft Corp (O:MSFT), Procter & Gamble Co (N:PG), United Parcel Service Inc (N:UPS) and Caterpillar Inc (N:CAT).

According to data from Refinitiv, analysts have projected the first earnings contraction since 2016 for S&P 500 companies. But of the 75 companies that have reported results so far, only 12% have come short of earnings estimates.

Halliburton Co (N:HAL) shares gained 6.4% after the oilfield services provider detailed further planned cost reductions.

Coty Inc (N:COTY) shares surged 13.4% after the cosmetics maker said it planned to sell its professional beauty business with brands such as Wella and OPI.

U.S.-listed shares of Teva Pharmaceutical Industries Ltd (N:TEVA) (TA:TEVA) jumped 8.7% after the company announced progress toward settling remaining opioid-related litigation.

Advancing issues outnumbered declining ones on the NYSE by a 1.95-to-1 ratio; on Nasdaq, a 2.09-to-1 ratio favored advancers.

The S&P 500 posted 41 new 52-week highs and two new lows; the Nasdaq Composite recorded 93 new highs and 64 new lows.

Volume on U.S. exchanges was 5.92 billion shares, which was below the 6.55 billion average for the last 20 trading sessions.

Trade hopes move S&P 500 close to new record high
 

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Comments (8)
Channa Maithripala
Channa Maithripala Oct 21, 2019 4:22PM ET
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wow
Dong Chang
Dong Chang Oct 21, 2019 4:05PM ET
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https://www.politicususa.com/2019/10/19/trump-insider-trading.html
holy piger
holy piger Oct 21, 2019 2:05PM ET
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who is swimming naked in this tide?prepare yourself
TA XVCI
TA XVCI Oct 21, 2019 2:05PM ET
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You mean it's going down very soon? ;)
holy piger
holy piger Oct 21, 2019 2:05PM ET
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dont know yet, however, tht market is overvalued and it relies on the rate cut/trade deal hope/brexit hope rumors(media manipulation)
Chris Sundo
Chris Sundo Oct 21, 2019 12:38PM ET
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The moment we get a nominal new high in the markets I bet it's Trump who is going to bring the markets down with a tweet -------------- Isn't someone in America seeing his modus operandum? ----
Chris Sundo
Chris Sundo Oct 21, 2019 12:35PM ET
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Trump gets high on pushing markets around. Ross says 'Don't believe Trump! He is just taking the market for a ride to get high! ----- IMO Trump's real reason for impeachment should be his links to Wall Street or whomever he has hired to front-run his portfolio of stocks. --- He is goosing the market as necessary to MAKE THE CHARTS. --- He acts utterly UNPRESIDENTIAL. --- Before his presidency it used to be taking advantage of the weaker people (employees and women) to get high and since his presidency it is using his tweeter to push the markets around with FAKE NEWS. --- He uses fake news to get attention. #Dump_Trump = best for USA in the long run.
Steel Gator
Steel Gator Oct 21, 2019 12:35PM ET
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Well, why dont you het out of the Trump market and go back to the Hussein Obama market?
Mark Hoffman
Mark Hoffman Oct 21, 2019 12:35PM ET
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Fake news like showing a "battle from Syria" that was really old footage from Kentucky that had been recently edited? I checked the constitution, but I couldn't find the "Because I don't like him" clause that is grounds for impeachment? You guys ever find out exactly what Joe Biden's son got paid for over in Ukraine?
Luis Cortes
Luis Cortes Oct 21, 2019 12:35PM ET
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it's always some "Get out " comment from u geniuses lol
Erski Gumby
SB20 Oct 21, 2019 12:35PM ET
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Luis Cortes Get outta here!
Ezra Sharon
Ezra Sharon Oct 21, 2019 12:23PM ET
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I am looking for the market to go up in the near future
Brent He
Brent He Oct 21, 2019 11:42AM ET
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if the market dips by .2% the title is "Markets sell off on trade pessimism" and then it gets bought right back in AHs trading.
Brent He
Brent He Oct 21, 2019 11:41AM ET
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same headline day after day
 
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