Stocks – China Talks, Best Buy, Disney Lead Indexes to New Records
Investing.com – Late buying pushed the S&P 500 and other indexes to new intraday and closing highs Tuesday before Wall Street starts to depart for the Thanksgiving holiday.
The was up 0.22%. The added 0.20% and the was up 0.18%.
Helping the market was a comment from President Donald Trump saying a phase one trade agreement with China was close, though he didn’t say how close.
Meanwhile, Best Buy (NYSE:) and Dick’s Sporting Goods (NYSE:) hit 52-week highs after reporting better-than-expected third-quarter earnings. Best Bluy was the S&P 500’s leading stocks on the day. Plus, Walt Disney (NYSE:) rose 1.3% after a report its Disney+ streaming service was getting a million new subscriber signups a day.
Also hitting new highs were Microsoft (NASDAQ:), Allstate (NYSE:) and Ross Stores (NASDAQ:).
A big loser was Dollar Tree (NASDAQ:), suffering because tariffs on Chinese imports were squeezing profits. Shares fell 15.2%, the biggest decliner among stocks in the S&P 500 and the Nasdaq 100 Index.
Adding some additional cheer was the Commerce Department’s report, which showed October sales down 0.7% but September sales revised up to 738,000 units, the highest level since July 2007 – just before the financial crisis hit.
Homebuilder shares moved higher as well, led by NVR (NYSE:) and luxury builder Hovnanian (NYSE:).
The report also boosted shares of Home Depot (NYSE:), Lowe’s (NYSE:) and Sherwin-Williams (NYSE:).
Real estate was the strongest of the 11 sectors of the S&P 500, followed by consumer staples and consumer discretionary stocks. Energy, financial and healthcare stocks were the weakest sectors.
rose modestly. rose 40 cents to $58.41 a barrel. crude for February delivery rose 59 cents to $63.21. OPEC meets next week.
Interest rates were lower with the Treasury yield falling to 1.738% from Monday’s 1.764%.
Trading may have softened a bit in the afternoon as people began to leave for the long Thanksgiving weekend. A full day of trading is set for Wednesday, followed by a market close on Thursday and a half-day scheduled for Friday.
Best Buy (NYSE:), Under Armour (NYSE:), restaurant chain Chipotle Mexican Grill (NYSE:) (NYSE:) and Abiomed (NASDAQ:), which makes medical implants and other devices, were the top-performing stocks on the day.
Dollar Tree (NASDAQ:), Hewlett Packard Enterprise (NYSE:), oil-and-gas producer Cimarex Energy (NYSE:) and oil-and-gas driller Helmerich and Payne (NYSE:) were the weakest performers.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.