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Home / Business / Dow, S&P 500 and Nasdaq hit record levels after China, US agreed to cancel tariffs in stages

Dow, S&P 500 and Nasdaq hit record levels after China, US agreed to cancel tariffs in stages



U.S. stocks traded higher Thursday, with all three major standards touching new records, after Washington said it had signed an agreement with Beijing to cancel planned import duties in steps.

The benchmark Russell 2000 index for smaller, domestically focused companies, which had been more reluctant to participate in the recent market rally, was also higher.

How do the most important standards perform?

Dow Jones industrial average

DJIA, + 0.93%

rose 237 points, or 0.87%, to 27,732, while the S&P 500 index

SPX, + 0.52%

gained 14 points, or 0.48%, to 3,091. The Nasdaq Composite Index

COMP, + 0.65%

added 53 points, or 0.6%, to 8,446.

Dow traded above record high of 27,492.63, set Tuesday, while S&P 500 rose above the record close to 3,078.27 was set on Monday, and the Nasdaq was over it constantly high of 8,434.68, also set on Monday. All three benchmarks have also listed new intraday records on Thursday morning.

On Tuesday, the Dow lost less than one point to the end of 27,462.50, while the S&P 500 index gained 2.16 points, or 0.07%, at 3,076.78. The Nasdaq Composite Index shed 24.05 points, 0.29%, closed at 8,410.63.

The Russell 2000

RUT, + 0.39%

was up 6.5 points, or 0.41%, to 1,566, or more than 8% from the record close of 1,740.75 set August 31, 2018

What is driving the market?

The major US stock indices have set new records in recent sessions, with investors encouraged by reports of progress in an intermediate US-China trade agreement.

Early Thursday, Bloomberg reported China and the United States will cancel planned tariffs for each other's products in steps, with the first agreement to be signed over the next few weeks. The amount of tariff relief that comes will depend on what's in that deal, said Commerce Department spokesman Gao Feng, according to the South China Morning Post. By early afternoon, an American official confirmed the deal.

"Clearly, the mood is getting better at the trade," Bruce Bittles, chief investment strategist at Robert W. Baird & Co., said in an interview. "The reason why is important is because the world economy looked like it was going downturns because of the trade war. So the fact that we are getting closer to some kind of deal, I think the markets are celebrating."

"In addition, maybe the European economy has , Japan and even China, have come to the bottom here, in terms of their weaker economies, ”he added,

Investors also watched developments in Europe after the European Central Bank released an update on the economic and monetary developments that predicted weak but positive economic growth in the second half of 2019.

In the United States Economic Data, The Labor Department estimated that 211,000 Americans filed new unemployment claims in the week ending November 2, a month that was low and below 215,000 predicted by economists polled by MarketWatch.

"We haven't seen a list of products that will be affected," said Robert Pavlik, chief investment strategist in SlateStone Wealth, but added that industry, the technology sector, semiconductors and companies doing business abroad benefited from fresh optimism on the trade front.

"What you have is a market that is essentially high at all times," he told MarketWatch.

Check out : A growing stock market assumes the biggest disagreement between CEOs and consumers about the US economy on record

Which stocks are in focus?

Qualcomm Inc. .

QCOM, + 6.62%

reported revenue and sales in the fourth quarter that fell less than Wall Street expected Wednesday after closing, while projecting the current quarter will also lead to year over year profits and income. Shares rose 6.25% on Thursday and have risen more than 60% so far this year.

Shares of Cardinal Health Inc .

CAH, + 3.75%

rose 4% Thursday after reporting a $ 4.92 billion loss in the fiscal first quarter, due to an agreement in principle reached in October to pay $ 5.56 billion to settle pending and potential opioid lawsuits. Excluding these costs, analytics forecasts beat per share and revenue.

Shares of Expedia Group Inc .

EXPE, -26.72%

fell 25% on Thursday after the travel site reported worse-than-expected earnings results after trading closed Wednesday.

AMC Entertainment Holding Inc .

AMC, -2.89%

said on Thursday that it recorded a net loss in the third quarter that was less than a year ago, but larger than analysts had predicted, while revenues increased. The cinema operator's shares fell 3%.

Shares of PG&E Corp.

PCG, -12.64%

tumbled 13% after the tool swung to loss in the third quarter after incurring a $ 2.5 billion dollar loss related to California forest fires. The combined utility said Thursday that it expects costs to escalate to $ 6.3 billion.

Shares of Nielsen Holdings PLC

NLSN, -3.53%

fell almost 4% after the media measurement company beat earnings expectations for the third quarter, but also announced that it cut its dividend by 83% and that it plans to spin off its Global Connect business as an independent, publicly traded company.

United States Shares in Baidu Inc .

BIDU, + 12.21%

fell 11.8% after the Chinese internet giant reported sales and earnings growth Wednesday night that exceeded Wall Street estimates.

How do other people's assets trade?

The proceeds of the 10-year US Treasury

TMUBMUSD10Y, + 7.37%

jumped 12 basis points to 1.936% on Thursday, from 1.814% late Wednesday as trade tensions seemed to ease.

December Gold

GCZ19, -1.88%

on Comex settled 1.8% lower to $ 1,466.40 an ounce after a 0.6% gain a day ago.

Central Texas Crude Oil for Delivery in December

CLZ19, + 2.15%

jumped 1.2% amid the positive trend in trading to the $ 57.54 barrel on the New York Mercantile Exchange.

ICE U.S. dollar index

DXY, + 0.21% ,

a measure of greenback's performance against six major rivals, increased 0.2%.

In Asia overnight, China CSI 300

000300, + 0.18%

increased 0.2%, Shanghai Composite

SHCOMP, + 0.00%

was virtually unchanged. Hong Kong's Hang Seng Index

HSI, + 0.57%

climbed 0.6%, while Japan's NIKKEI 225 index

NIK, + 0.11%

added to 0.1%. In Europe, Stoxx Europe is 600 & # 39; s

SXXP, + 0.37%

sales 0.4% higher.


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