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The Closing Bell: Stocks Rise For A Fourth Day In A Row, Hit Record Highs
FYI: (Reminder: Markets Close Early on 11/29/19 at 1:00 EST.)
U.S. stocks edged higher Wednesday after upbeat economic data and optimistic comments from President Trump on progress in the trade talks between China and the U.S.
The broad S&P 500 index rose 0.42%, extending the record high set Tuesday. The Nasdaq Composite gained 0.66%. Trading was light ahead of Thursday’s Thanksgiving holiday.
The Dow Jones Industrial Average rose 0.15%, weighed down by declines at Boeing, among the blue-chip index’s biggest losers in dollar terms. The airplane maker slid 0.7% after reports that regulators in the U.S. plan to conduct their own reviews of new 737 MAX planes, while regulators in Europe and the Middle East plan to do the same for the new 777X.
Traders were encouraged by economic reports that showed a bit more growth than expected. Third-quarter gross domestic product was revised to 2.1% from 1.9% and October durable-goods orders rose more than expected. Jobless claims for last week fell.
The yield on the U.S. 10-year Treasury note rose to 1.765% from 1.739% on Tuesday. U.S. crude fell 0.9%. Gold dropped 0.4%.
Shares of Deere fell 4.5% after the agricultural-equipment maker said it expected sales to fall in its agriculture-and-turf and construction-and-forestry segments in fiscal 2020 as lingering trade tensions have made farmers more reluctant to invest in new machinery.
Dell Technologies fell 5.3% after the computer maker cut its revenue guidance and cited a shortage of chips from Intel.
Overseas, the pan-continental Stoxx Europe 600 climbed 0.3%. In Asia, the Shanghai Composite Index ended the day down 0.1% after China’s National Bureau of Statistics released data showing a decline in profits for the country’s industrial sector, which has been hit by U.S. tariffs.
