Trade hopes push United States stock indexes toward more record highs

Trade hopes push United States stock indexes toward more record highs

The Dow Jones industrials and the S&P 500 ended at record highs again Thursday, but they would have been even higher if not for a late-afternoon report saying a proposed rollback of tariffs was facing stiff opposition in the White House.

The Dow Jones Industrial Average climbed 182 points, or 0.7%, to 27,674.

The benchmark S&P 500 index is eyeing its fifth straight week of gains, while the tech-heavy Nasdaq is on track to rise for a sixth week in a row. The Nasdaq Composite gained 44.48 points, or 0.53%, to 8,455.11 at the opening bell.

Two stocks that didn't join the party were video streaming company Roku (NASDAQ:ROKU) and online travel company Expedia (NASDAQ:EXPE), which both reported disappointing quarterly results.

Bond prices fell sharply.

The yield on 10-year Treasurys rose to 1.95% from 1.814% Wednesday as investors sold US government debt, seen as a haven asset. "But with promising signs of progress on the trade front, a shift in global central banks to easing (including three consecutive rate cuts by the Fed this year), and mostly better-than-expected corporate profits, United States stocks were pushed to all-time highs", wrote Priscilla Thiagamoorthy, economic analyst at BMO.


Technology stocks and banks led the way higher in midday trading Thursday. JPMorgan Chase climbed 1.2%. -China trade war had agreed to roll back tariffs on each other's goods if talks continue to progress.

Bank stocks, which have surged almost 6% over the past week, extended recent gains as U.S. Treasury prices continued to retreat, lifting the 10-year yield to its highest level in more than three months; the two-year yield climbed 7 bps to 1.67% and the 10-year yield climbed 11 bps to 1.93%. The Nasdaq added 0.28%, with the Nasdaq 100 up 0.29%. The yield on the 10-year Treasury rose to 1.93%.

The big demand for stocks, especially early in the day, sent interest rates higher.

Chipmaker Qualcomm soared 7% after reporting earnings that easily beat analysts' forecasts. -China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.

The Dow is up 4,347.34 points, or 18.6%. The yield on the 10-year Treasury rose to 1.89%.

Related:

Comments

Latest news

Netflix CEO defends censoring anti-government video in Saudi Arabia
The CIA reportedly concluded previous year that the crown prince ordered the assassination of Khashoggi , but he's denied it . And Hastings went on to argue that it can actually do good in the world by playing ball with the Saudi government's censors.

ESPN Prediction For Tonight's Duke-Kansas Sport
Preseason power ratings involve some guesswork, but I rate Kansas 1½ points better than Duke, which opened as the favorite. Since it has been two years since that matchup, both Kansas and Duke are completely different teams.

Samsung leak showcases insane Galaxy S11 feature
The phone will nearly certainly launch in February or March, and will not be the only Galaxy S11-branded device. These hybrid-zoom systems offer improved quality of images than what can be captured using digital zoom.

Manchester United win 'template' for future performances - Solskjaer
It is certainly not guaranteed; Brighton actually head into the fixture two points and two places above their hosts in the table. Having mustered just one shot on target across their previous two Europa League matches, they had seven against Partizan.

Measles virus 'wipes out immunity to other infections'
Those antibodies are the blood proteins that "remember" past encounters with viruses and help the body avoid repeat infections. Rewers said rebuilding immune memory is not easy; it could require getting re-vaccinated, or getting sick all over again.

Other news