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Home / Business / The stock market is up to a new record, though Trump says he has not agreed to roll back China tariffs

The stock market is up to a new record, though Trump says he has not agreed to roll back China tariffs



U.S. stocks were larger to end at new record highs on Friday, though President Trump cast doubt on the progress of entering a US trade agreement with China after optimism that the protracted dispute would be resolved had driven the week's rally.

The Dow gained a third week while the benchmark S&P 500 index recorded a fifth week of gains as the US quarterly earnings reporting season ended.

How did the most important standards perform?

Dow Jones industrial average

DJIA, + 0.02%

added 6.44 points, or 0.02% to close at a new record of 27,681

.20, the S&P 500 index

SPX, + 0.26%

advanced 7.90 basis points, or 0.26%, to reach a new close at height of 3,093.08. Nasdaq Composite Index

COMP, + 0.48%

rose 40.80 points, or 0.48%, to 8,475.31, another record.

On Thursday, the Dow and S&P 500 each set a close record, while the Nasdaq Composite saw its second highest close in history, according to Dow Jones Market Data.

For the week, Dow added 1.2% while the S&P 500 gained 0.8% and Nasdaq advanced 1%.

What drove the market?

Stock markets collapsed during Friday, amid growing doubts over US willingness to divide import duties in stages as part of its partial China trade pact, after President Trump told reporters he has not yet has approved such a measure.

Peter Navarro, senior US trade adviser, said late Thursday that there was no formal agreement in place and the final decision would lie with Trump, according to The Wall Street Journal.

But the latest doubt about resolving trade wars failed to increase the week's overall stock market rally, which sparked steam after China's trade ministry said it had reached an agreement to jointly eliminate some tariffs in stages as part of Phase 1 covenants.

"There is a lot of noise that can distract people, but when it comes down to it, when you set aside politics and social concerns, the markets are driven by basic conditions," Kevin Philip, CEO of Los Angeles-based Bel- Air Investment Advisors told MarketWatch.

"It is very difficult to have a recession, or some kind of crisis, when you have full employment, a friendly Fed and a government that lowers regulations and has lowered taxes," he said.

Enthusiasm for the ability of the US economy to continue to collapse, despite the record expansion, has also filtered over to the Russell 2000 index

RUT, + 0.31% ,

the benchmark index for smaller stocks, where a bullish "golden cross" price pattern is starting to take shape and may signal that a firmer outbreak is on the horizon.

Check out : The Fed cut prices just in time, says award-winning forecasts

Read also : Get ready for another Christmas rally: Fundstrats Tom Lee [19659002] The latest news on the trade conflict came when import and export trade data from China were better than expected, but reflected the ongoing struggle for the world's second largest economy. Chinese trade data for October shows that imports fell by less than expected 6.4%, while exports, which were expected to fall 3.9%, fell only 0.9%.

"Nevertheless, the figures still draw a picture of an economy struggling to recover from an economic downturn and the effects of the current trade disruption," Michael Hewson, chief market analyst at CMC Markets UK, said in a research report on Friday.

Meanwhile, American consumer sentiment lights up in November, according to the University of Consumer Sentiment Index in Michigan, which rose to 95.7 from 95.5 in October. Economists surveyed by MarketWatch had predicted a reading of 95.

Also on Friday, the Federal Reserve government, Lael Brainard, said that the central bank can no longer ignore the economic "shocks" of climate change when formulating policy, while he spoke at a San Francisco Fed summit devoted to the subject.

What stock was in focus?

Shares of Dow component Walt Disney Co. .

DIS, + 3.76%

was in focus after the media and entertainment giant late Thursday said it made $ 1.05 billion, or $ 1.07 a share, compared to $ 2.32 billion, or $ 1.55 a share, a year ago, while revenue increased 34% to $ 19.1 billion, up from $ 14.3 billion a year ago. Shares rose 3.7% Friday.

Gap Inc .

GPS, -7.64%

shares fell 7% after the dealership said CEO Art Peck would withdraw and led that the financial year's earnings would eventually come out weaker than expected.

Shares of Chesapeake Energy Corp .

CHK, -0.70%

was monitored after the top managers of the oil and natural gas company bought a total of 125,000 shares of less than $ 1 per share.

Duke Energy Crop .

DUK, -2.84%

Shares closed 2% lower after the tool reported third-quarter earnings that beat expectations, but revenue fell sharply.

Zillow Group Inc .

Z, + 12.29%

reported sales Thursday night that more than doubled in the third quarter from last year and a better-than-expected loss. Shares were added 12% Friday.

Shares of Take-Two Interactive Software Inc .

TTWO, + 0.04%

closed almost flat Friday after the video game publisher missed analysts' forecasts for profit and revenue in the third quarter.

Shares of Slack Technologies, Inc. .

WORK, + 0.79%

fell short to a new early-trading low Friday of $ 19.70 per share, or about half of the stock's $ 38.50 per share price on the New York Stock Exchange in June, but closed up.

How did other assets trade? [19659025] Return on the 10-year US Treasury

TMUBMUSD10Y, + 1.28%

closed higher at 1.930% to record its largest one-week gain since October 11, according to Dow Jones Market Data.

December gold

GCZ19, -0.45%

on Comex on Friday added the recent slide to a 3.2% weekly loss after settling at $ 462.90 an ounce, its sharpest loss in more than two years, according to FactSet data.

West Texas, intermediate crude for delivery in December

CLZ19, + 0.52%

ended up 0.2% on the $ 57.24 barrel on the New York Mercantile Exchange, a weekly gain of 1.9%

ICE U.S. dollar index

DXY, + 0.26% ,

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

In Asia overnight, China CSI 300

000300, -0.47%

fell 0.4%, and Shanghai Composite

SHCOMP, -0.49%

fell 0.5%. Hong Kong's Hang Seng Index

HSI, -0.70%

fell 0.7%, while Japan's Nikkei 225 index

NIK, + 0.26%

la to 0.3%.

In Europe, Stoxx Europe is 600 & # 39; s

SXXP, -0.28%

sales 0.3% lower.


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