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NOVEMBER 18, 2019 / 5:40 pm
Wall Street nudges up as investors await U.S.-China trade clarity
DJ: 28,004.89 +222.93 NAS: 8,540.83
+61.81 S&P: 3,120.46
+23.83 11/15
DJ: 28,036.22 +31.33 NAS: 8,549.94 +9.11 S&P: 3,122.03
+1.57 11/18
NEW YORK (Reuters) - Wall
Street’s main indexes were very slightly higher on Monday after closing at
records on Friday and investors digested mixed headlines on U.S.-China trade
relations. The market appeared to
welcome Washington’s grant of an extension for U.S. companies to do business
with Huawei since the Chinese telecommunications equipment maker was put on a
U.S. blacklist in May. But also on
investors minds was a CNBC report that the mood about a potential trade deal
was pessimistic in Beijing due to President Donald Trump’s reluctance to roll
back tariffs.
This was after Chinese
state media said on Saturday that the two sides had held “constructive” trade
talks, days after White
House economic adviser Larry Kudlow said they were close to a deal. “We keep getting told we have this deal and it has yet
to be finalized and then you get these reports going in the other direction,” said
Michael O’Rourke, chief market strategist at JonesTrading in Stamford,
Connecticut. “Investors are being patient because they don’t want to chase new
all times highs too far until they have clarity on trade.”
Seven of the 11 major S&P 500 sectors were trading higher,
with defensives such as utilities .SPLRCU, real estate .SPLRCR and consumer
staples .SPLRCS, also known as bond proxies due to their high dividend yields,
leading the percentage gains. The energy
sector .SPNY was the biggest percentage loser dropping 1.32% as oil prices
fell. [O/R]
Later this week, investors will turn their attention to minutes
from the Federal Reserve’s latest policy meeting, where the central bank
cut interest rates for the third time this year. Also ahead are results from U.S. retailers, including
Home Depot Inc (HD.N), Kohl’s Corp (KSS.N)
and Target Corp (TGT.N). Shares of HP Inc (HPQ.N)
fell 1.51% after the company rebuffed a $33.5 billion offer from Xerox Holdings
Corp (XRX.N) and said it was open to exploring a
bid for the latter. Coty Inc (COTY.N)
gained 2.18% after the cosmetics maker said it would pay $600 million for a
majority stake in Kylie Jenner’s make-up and skincare businesses.
The S&P 500 posted 37 new 52-week highs and no new lows; the
Nasdaq Composite recorded 95 new highs and 115 new lows.
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