US close: Markets finish higher amid thirst for trade clarity
By Josh White
Date: Thursday 28 Nov 2019
(Sharecast News) - Wall Street's indices finished in positive territory ahead of the Thanksgiving holiday on Wednesday, following further conversations between officials in Washington and Beijing.
The Dow Jones Industrial Average ended the session up 0.35% at 28,164.00, the S&P 500 added 0.42% to 3,153.63, and the Nasdaq Composite was 0.66% firmer at 8,705.18.
At the open, the Dow was 21.40 points lower, after the S&P 500 and Nasdaq Composite hit record highs during the previous session.
For the bulk of the session, market participants were still largely focused on the long-running trade dispute between the US and China after Donald Trump said on Tuesday that American and Chinese negotiators were close to reaching an initial trade deal.
His comments on trade followed a phone call between officials from Washington and Beijing earlier on Tuesday, with both parties having reportedly agreed to keep working on remaining "core" issues.
However, it was still not clear as to whether or not both sides would be able to reach a compromise before new US tariffs on Chinese goods were due to come into effect on 15 December.
"The sudden daily obsession with the trade war probably has a lot to do with the fact that there's very little else to talk about at the moment, which doesn't bode well for the rest of the year," said Oanda analyst Craig Erlam.
"Of course, that may change if a deal gets over the line but, let's face it, we've been "close" to that for much of the year."
Erlam said the markets were essentially in limbo, adding that it was neither clear that the two sides were close to a deal, or on the verge of collapse as the final issues are too difficult to overcome.
"Washington and Beijing clearly want us to believe the former but then, it was meant to be signed by now."
On the data front, the number of Americans filing for unemployment benefits fell more than expected last week, according to data from the Labor Department.
US initial jobless claims declined by 1,500 from the previous week's revised level to 213,000, beating expectations for a small drop to 221,000.
The previous week's level was revised up by 1,000.
Elsewhere, orders for goods made to last more than three years jumped past forecasts last month, amid strong demand for aircraft and a much stronger-than-expected reading for so-called core capital goods orders.
According to the Department of Commerce, US durable goods orders increased at a month-on-month pace of 0.6% in October to reach $248.7bn, compared to consensus expectations for a fall of 0.8%.
Looking towards the midwest region, the Chicago Purchasing Management Index showed contraction but improved slightly in November from a multi-year low reported a month earlier.
The index came in at 46.3 in November from an unrevised 43.2 in October - the lowest level recorded since December 2015.
Lastly, contract signings for previously sold homes across the US fell more than they had since July last month but remained healthy on an annual basis.
Pending home sales decreased 1.7% in October from the prior month and rose 3.9% from a year earlier, the second-highest pace since 2016, according to the National Association of Realtors.
In corporate news, Deere & Company shares slid 4.36% by the close, after the firm reported a slide in fourth-quarter income and slashed its forecasts.
The agricultural equipment giant, which trades under the John Deere brand, said it was hurt by poor weather in America's farming heartland and Washington's ongoing spate with Beijing.
Big technology stocks shone throughout the session, with Apple up 1.34%, Facebook ahead 1.52%, Netflix rising 1.1%, and Amazon 1.2% firmer.
Dow Jones - Risers
Apple Inc. (AAPL) $267.84 1.34%
McDonald's Corp. (MCD) $196.30 1.18%
Home Depot Inc. (HD) $223.04 1.01%
Visa Inc. (V) $184.37 1.00%
Pfizer Inc. (PFE) $38.63 0.89%
Nike Inc. (NKE) $94.14 0.87%
3M Co. (MMM) $170.61 0.82%
Walgreens Boots Alliance, Inc. (WBA) $60.11 0.80%
United Technologies Corp. (UTX) $148.89 0.47%
American Express Co. (AXP) $120.33 0.45%
Dow Jones - Fallers
Boeing Co. (BA) $368.00 -1.48%
International Business Machines Corporation (CDI) (IBM) $133.78 -0.98%
Intel Corp. (INTC) $58.51 -0.66%
Procter & Gamble Co. (PG) $121.76 -0.41%
Walmart Inc. (WMT) $118.76 -0.36%
Caterpillar Inc. (CAT) $145.69 -0.27%
Unitedhealth Group Inc. (UNH) $280.67 -0.26%
Cisco Systems Inc. (CSCO) $45.24 -0.15%
Walt Disney Co. (DIS) $151.48 -0.11%
Exxon Mobil Corp. (XOM) $68.70 -0.06%
S&P 500 - Risers
Helmerich & Payne Inc. (HP) $40.47 6.56%
Under Armour, Inc. (UA) $17.49 6.19%
Under Armour Inc. Class A (UAA) $19.10 6.17%
Autodesk Inc. (ADSK) $180.18 5.49%
Western Digital Corp. (WDC) $50.41 3.49%
Micron Technology Inc. (MU) $48.16 3.09%
Ipg Photonics Corp. (IPGP) $144.82 2.82%
Halliburton Co. (HAL) $21.41 2.78%
Mylan Inc. (MYL) $18.78 2.62%
Hanesbrands Inc. (HBI) $15.40 2.33%
S&P 500 - Fallers
Deere & Co. (DE) $169.06 -4.30%
PVH Corp. (PVH) $97.45 -2.60%
CME Group Inc. (CME) $200.98 -2.38%
Dollar Tree Inc (DLTR) $93.03 -2.34%
Iron Mountain Inc (New) (IRM) $31.98 -1.90%
Akamai Technologies Inc. (AKAM) $87.29 -1.58%
TripAdvisor Inc. (TRIP) $28.68 -1.48%
Boeing Co. (BA) $368.00 -1.48%
Juniper Networks Inc. (JNPR) $25.28 -1.44%
Intuit Inc. (INTU) $262.15 -1.40%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $180.18 5.49%
Western Digital Corp. (WDC) $50.41 3.49%
Liberty Global plc Series C (LBTYK) $21.67 3.19%
Micron Technology Inc. (MU) $48.16 3.09%
Liberty Global plc Series A (LBTYA) $22.66 2.67%
Mylan Inc. (MYL) $18.78 2.62%
Biomarin Pharmaceutical Inc. (BMRN) $80.38 2.38%
Xilinx Inc. (XLNX) $93.35 2.31%
Expedia Group Inc. (EXPE) $101.51 2.23%
Texas Instruments Inc (TXN) $121.73 2.18%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $93.03 -2.34%
Intuit Inc. (INTU) $262.15 -1.40%
Analog Devices Inc. (ADI) $113.70 -1.04%
Idexx Laboratories Inc. (IDXX) $250.70 -0.85%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $233.98 -0.84%
J.B. Hunt Transport Services Inc. (JBHT) $116.64 -0.72%
Intel Corp. (INTC) $58.51 -0.66%
Vodafone Group Plc ADS (VOD) $20.12 -0.59%
Citrix Systems Inc. (CTXS) $113.52 -0.39%
Dish Network Corp. (DISH) $34.74 -0.34%
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