S&P 500, Dow open at record highs on trade deal optimism

Galtero Lara
Noviembre 8, 2019

The Dow Jones Industrial Average and the Nasdaq are on pace for their third day of record highs.

Technology companies led the way higher.

Chipmaker Qualcomm soared 8% after reporting earnings that easily beat analysts' forecasts.

Despite the record highs, gains cooled in the afternoon after a report cited internal disagreements in the White House over the apparent deal for both the US and China to phase out tariffs. Bond yields move in the opposite direction to prices. Citigroup rose 1.7% and JPMorgan Chase rose 1.3%.

Real estate companies and utilities, also considered safer investments, lagged the market.

The S&P 500 opened higher by 10.24 points, or 0.33 per cent, at 3,087.02.

The Dow Jones Industrial Average rose 97.60 points, or 0.36%, at the open to 27,590.16.

The Nasdaq is up 48.12 points, or 0.6%.

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Together with Qualcomm, other chipmakers, which have a sizeable exposure to China, also rose, propping the Philadelphia Semiconductor index .SOX up 0.7%.

TRADING ON TRADE: The encouraging development in U.S. Both nations have agreed to a truce, but the terms are still vague and they have yet to sign a deal.

The major stock indices closed off their high levels for the day as US/China trade deal details go back and forth.

BROKEN RECORDS: The S&P 500 has been on a steady rally for the past month, following the announcement of an initial U.S.

China said it had agreed with the United States to remove tariffs in phases, while state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports. Last week it notched three record-setting days as investors grew more encouraged about prospects for economic growth because of solid economic and earnings reports.

Almost three-quarters of the 383 S&P 500 companies that have reported results so far have beaten profit expectations, according to IBES data from Refinitiv.

Ralph Lauren Corp jumped 14% after it topped second-quarter profit expectations, helped by tighter control on expenses and strong demand for its Polo shirts and tweed jackets in China and Europe.

Expedia Group Inc tumbled 22.5% as the online travel booking company missed quarterly profit estimates.

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