Stocks Inch Ahead as Investors Look to Trump Speech
By Caitlin Ostroff and Karen Langley
U.S. stocks rose Tuesday as investors looked ahead to a speech
by President Trump for new clues about U.S. trade policy.
Mr. Trump's remarks at the Economic Club of New York will be
scrutinized for any signs of progress in 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 another round of tariffs on
Chinese goods, set to go into effect Dec. 15.
The S&P 500 added 0.4%, while the Nasdaq Composite rose
0.5%. The Dow Jones Industrial Average inched up 0.3%.
The gains were broad-based, with 10 of 11 S&P 500 sectors
rising, and real estate declining only slightly.
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.
Within U.S. stocks, cyclical areas that are closely tied to the
economy, such as the financial and industrial sectors, have been
doing particularly well.
"That tells me investors are not worried about recession in
2020," said Nancy Tengler, chief investment officer of Tengler
Corporate news drove moves in individual stocks. Shares of
Advance Auto Parts dropped 7.6% after the company reported
lower-than-expected third-quarter same-store sales. Rockwell
Automation climbed 13%, on pace for its largest percent increase in
10 years, after the Milwaukee-based industrial technology company
beat forecasts for its adjusted profit.
With more than 90% of S&P 500 companies having reported
third-quarter earnings, about three-quarters have beaten
expectations, slightly above the five-year average of 72%,
according to FactSet. Earnings from companies that have reported
dropped 2.3% from a year earlier.
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 1.942%, up from
1.930% Friday. Bond markets were closed Monday. Yields rise when
In Europe, the Stoxx Europe 600 rose 0.5% and the U.K.'s FTSE
100 gained 0.8%. 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 11:35 ET (16:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
から 7 2020 まで 8 2020
から 8 2019 まで 8 2020