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US open: Wall Street storms to fresh record highs on trade talk optimism

By Alexander Bueso

Date: Friday 15 Nov 2019

US open: Wall Street storms to fresh record highs on trade talk optimism

(Sharecast News) - Stocks on Wall Street stormed to fresh record highs on Friday following upbeat remarks from two top US administration officials regarding the chances of a preliminary trade deal with China.
Speaking after an event at the Council on Foreign Relations on Thursday evening, national economic council director, Larry Kudlow, reportedly said that Washington and Beijing were near a trade deal.

On the flip-side nevertheless, Kudlow also said that Donald Trump had not yet taken a decision on whether to delay the imposition on new trade tariffs on imports of cars and parts from the European Union.

That was followed by remarks from US commerce secretary, Wilbur Ross, who reportedly told Fox Business Network that there was a very high probability that Washington and Beijing would strike a phase one trade agreement.

Against that backdrop, as of 1602 GMT, the Dow Jones Industrials was adding 141.38 points to trade at 27,924.43, alongside a 13.56 point rise on the S&P 500 to 3,110.45, while the Nasdaq Composite was ahead by 51.12 points to 8,530.22.

"US equities are pushing higher after a shaky start, with equities having weathered options expiry in positive fashion," said IG's Chris Beauchamp.

"Kudlow's trade comments have provided the foundation for the bounce, and a solid bounce in US retail sales compared to a month ago has added fuel to the fire."

US-China trade aside, the market spotlight at the end of the week was on a barrage of US economic indicators, including a much weaker than expected reading on US industrial production.

According to the Department of Commerce, US industrial output fell at a month-on-month pace of 0.8% in October (consensus: -0.3%), albeit mostly due to weaker utilities output.

However, the so-called Empire State regional manufacturing index was stable in November, dipping just a bit from 4.0 to 2.9.

And elsewhere, Commerce said that retail sales volumes rose at a month-on-month pace of 0.3% in October (consensus: 0.2%), edging past analysts' forecasts, but industrial production

Dow Jones - Risers

Nike Inc. (NKE) $92.81 1.69%
Boeing Co. (BA) $372.40 1.35%
Cisco Systems Inc. (CSCO) $45.43 1.16%
Caterpillar Inc. (CAT) $145.09 1.15%
Microsoft Corp. (MSFT) $149.33 0.86%
Unitedhealth Group Inc. (UNH) $258.01 0.85%
Intel Corp. (INTC) $58.29 0.84%
Merck & Co. Inc. (MRK) $85.24 0.82%
International Business Machines Corporation (CDI) (IBM) $134.87 0.65%
United Technologies Corp. (UTX) $149.03 0.62%

Dow Jones - Fallers

Chevron Corp. (CVX) $120.40 -1.28%
Walt Disney Co. (DIS) $146.10 -0.72%
Walmart Inc. (WMT) $119.93 -0.60%
Verizon Communications Inc. (VZ) $59.12 -0.37%
Procter & Gamble Co. (PG) $120.21 -0.24%
Coca-Cola Co. (KO) $52.54 -0.17%
Travelers Company Inc. (TRV) $133.78 -0.13%
Dowdupont Inc. (DWDP) $30.52 0.00%
McDonald's Corp. (MCD) $194.02 0.01%
American Express Co. (AXP) $121.00 0.06%

S&P 500 - Risers

Applied Materials Inc. (AMAT) $62.11 9.04%
Danaher Corp. (DHR) $142.02 4.31%
Cimarex Energy Co (XEC) $46.71 3.40%
Regeneron Pharmaceuticals Inc. (REGN) $349.04 3.15%
Devon Energy Corp. (DVN) $22.51 3.07%
Helmerich & Payne Inc. (HP) $40.50 3.00%
Occidental Petroleum Corp. (OXY) $38.85 2.90%
Lam Research Corp. (LRCX) $282.87 2.83%
Baker Hughes Company Class A (BKR) $22.50 2.79%
Micron Technology Inc. (MU) $47.95 2.45%

S&P 500 - Fallers

Centerpoint Energy Inc. (CNP) $25.43 -4.72%
Alliance Data Systems Corp. (ADS) $103.30 -3.10%
Coty Inc. Class A (COTY) $11.86 -2.87%
Nvidia Corp. (NVDA) $204.29 -2.62%
Whirlpool Corp. (WHR) $146.35 -2.41%
Noble Energy Inc. (NBL) $21.02 -2.28%
Mosaic Company (MOS) $19.85 -2.17%
HollyFrontier Corp (HFC) $52.94 -1.74%
Xcel Energy Inc. (XEL) $60.41 -1.45%
Nordstrom Inc. (JWN) $37.30 -1.37%

Nasdaq 100 - Risers

Applied Materials Inc. (AMAT) $62.11 9.04%
Regeneron Pharmaceuticals Inc. (REGN) $349.04 3.15%
Lam Research Corp. (LRCX) $282.87 2.83%, Inc. (JD) $34.49 2.74%
Micron Technology Inc. (MU) $47.95 2.45%
Alexion Pharmaceuticals Inc. (ALXN) $108.41 2.38%
QUALCOMM Inc. (QCOM) $92.23 1.93%
Gilead Sciences Inc. (GILD) $65.02 1.89%
Intuitive Surgical Inc. (ISRG) $564.49 1.81%
Asml Holdings N.V. (ASML) $274.61 1.81%

Nasdaq 100 - Fallers

Nvidia Corp. (NVDA) $204.29 -2.62%
Vodafone Group Plc ADS (VOD) $20.01 -2.41%
Comcast Corp. (CMCSA) $44.94 -1.12%
Monster Beverage Corp (MNST) $58.28 -1.10%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $240.72 -0.89%
J.B. Hunt Transport Services Inc. (JBHT) $115.85 -0.87%
Wynn Resorts Ltd. (WYNN) $117.73 -0.80%
Mondelez International Inc. (MDLZ) $52.49 -0.78%
Maxim Integrated Products Inc. (MXIM) $57.46 -0.56%
CSX Corp. (CSX) $71.46 -0.53%


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