Business

Dow, Nasdaq hit record highs for second consecutive day

Share
Traders work on the floor of the New York Stock Exchange on Nov 04 2019 in New York City

It's the market that continues mostly upward, even though there's still plenty to worry about.

The wider Standard & Poor's 500 and the tech-heavy Nasdaq Composite, again notched new closing highs, with the S&P settling 11.37 or 0.5 percentage points, at 3078.29 and the Nasdaq closing the session with 46.81 or 0.7 percentage points, putting it at 8433.22.

Wall Street stocks surged to new record highs last night on optimism over global trade talks and continued positive momentum from solid economic data and earnings.

Adobe Inc rose 3% as the Photoshop software maker raised its fourth-quarter digital media annualized recurring revenue target, boosting the Nasdaq and S&P 500.

Asian stock markets were mixed Wednesday, Nov. 6, 2019, after investors were rattled by a possible snag in a US -.

Wall Street got through the bulk of third-quarter earnings season last week, and the results were much better than what investors had been anticipating. It was the latest data to ease concerns the USA economy.

Cyclical companies recently made up about 34% of the S&P 500, down from 41% in early 2018, according to James Paulsen, chief investment strategist at the Leuthold Group. "It is possible that the rally in both markets will at the very least pause". Benchmarks in Taiwan and New Zealand declined while Singapore advanced.

US employers added 128,000 jobs in October, the US Bureau of Labor Statistics reported on Friday. The stock gained 20.43%. Though sluggish, that figure was roughly in line with the average annual growth throughout the expansion that began in 2009.

"With inflation and inflation expectations remaining subdued, the Fed has scope to offer more support to the economy", Knightley wrote.

The ISM Non-Manufacturing PMI increased to 54.7 in October from 52.6. Trade war doves might be pleased to hear that the Trump administration is considering the request and may roll back tariffs on $112 billion worth of China-produced consumer goods, which have been subject to a 15% levy since September 1. The administration has imposed tariffs on roughly three-quarters of China's exports, including toys, electronics and other consumer goods.

Stocks are opening slightly higher on Wall Street as investors become more optimistic that the USA and China are making progress on scaling back their trade dispute. That would provide another source of growth for the US economy, in addition to the consumer spending that has almost alone driven the expansion for the past six months.

Those reductions in the benchmark short-term interest rate the Fed controls have also contributed to rising share prices.

Bond prices fell. The yield on the 10-year Treasury rose to 1.86%. Silver rose 1 cent to $18.01 an ounce. That number has been around $17 per $1 of future earnings over the past five years. The Nasdaq Composite Index rose 1.48 points, or 0.02 percent, to 8,434.68.

China sold $3 billion in US dollars a year ago and $2 billion in 2017. Brent crude, the global standard, rose 44 cents to $62.13 a barrel.

Wholesale gasoline was unchanged at $1.66 a gallon. Bank of America climbed 1.3% and Exxon Mobil added 2%.

Declining issues outnumbered advancing ones on the NYSE by a 1.13-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers.

CURRENCY: The dollar declined to 108.97 yen from Tuesday's 109.16. The euro fell to $1.1110 from $1.1128.

Share