Stocks Inch Ahead as Investors Look to Trump Speech
By Caitlin Ostroff and Karen Langley
U.S. stocks inched up Tuesday as investors looked ahead to a
speech by President Trump for new clues about U.S. trade
Mr. Trump's remarks at the Economic Club of New York will be
scrutinized for insights into trade negotiations with China. An
announcement by Beijing last week that the two countries had agreed
to roll back tariffs lifted financial markets, but Mr. Trump later
disputed that such an agreement had been made.
"There's cautious optimism that we will get some fairly positive
outlooks from President Trump," said Michael Hewson, chief market
analyst at CMC Markets. He said markets are hopeful that no tariffs
will be placed against European auto makers and are watching to see
whether Mr. Trump goes forward with tariffs on Chinese goods, set
to go into effect Dec. 15.
Major U.S. stock indexes are at or near all-time highs, as
investors have grown more confident about the economy. The Dow
Jones Industrial Average notched another record close Monday, while
the S&P 500 and Nasdaq Composite clinched new closing highs
Investors have found reason for optimism in another Federal
Reserve rate cut, a corporate earnings season that has been better
than expected, and data on jobs and consumer spending that suggest
strength in the U.S. economy.
Shortly after the open Monday, the S&P 500 added 0.2%, while
the Nasdaq Composite rose 0.3%. The Dow Jones Industrial Average
edged up 0.1%.
Corporate news drove moves in individual stocks. Shares of
Advance Auto Parts dropped 6.1% after the company reported
lower-than-expected third-quarter same-store sales. Rockwell
Automation climbed 15% after the Milwaukee-based industrial
technology company beat forecasts for its adjusted profit.
Shares of Portland-based brewing company Craft Brew Alliance
more than doubled after Anheuser-Busch offered to buy the remaining
shares of the company Monday.
The yield on the 10-year U.S. Treasury was 1.931%, up from
1.930% Friday. Bond markets were closed Monday. Yields rise when
In Europe, the Stoxx Europe 600 rose 0.3% and the U.K.'s FTSE
100 edged up 0.5%. Stocks traded up in Asia, where the Hang Seng
rose 0.5% amid ongoing pro-democracy demonstrations. The Shanghai
Composite gained 0.2% and Japan's Nikkei 225 climbed 0.8%.
Write to Caitlin Ostroff at email@example.com and Karen
Langley at firstname.lastname@example.org
(END) Dow Jones Newswires
November 12, 2019 10:09 ET (15:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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