US Stocks Edge To Records On Holiday Shopping Optimism
Faizan Hashmi Published November 19, 2019 | 08:40 AM
New York, (UrduPoint / Pakistan Point News - 19th Nov, 2019 ) :Wall Street stocks edged to records following a choppy session Monday as positive sentiment on the upcoming holiday shopping season helped offset some negative rumblings on trade talks.
Investors remain fairly upbeat about consumer sentiment following recent sales data as the market looks ahead to "Black Friday," the unofficial start of the holiday shopping season, analysts said.
"Part of the kickoff to the holiday season probably has been enhanced by cold weather in the Northeast," said Maris Ogg of Tower Bridge Advisors, noting that "people seem to be willing to spend." "That's 70 percent of the economy and that drives earnings. That's what the market is gonna be focused on in the long run." The Dow Jones Industrial Average ended at 28,036.15, up 0.1 percent.
The broad-based S&P 500 also gained 0.1 percent to 3,122.00, while the tech-rich Nasdaq Composite Index climbed 0.
1 percent to 8,549.94.
All three indices had also ended at records on Friday.
Analysts said positive sentiment on consumer spending helped investors overlook reports that Chinese officials are intent on staking a "phase one" US-China trade deal on the removal of some tariffs, a condition opposed by the Trump administration.
This week's Calendar includes housing economic data and minutes from the most recent Federal Reserve meeting, as well as an array of earnings from retailers, including Macy's and Target.
Among individual companies, beauty products giant Coty jumped 2.6 percent after announcing a deal to pay $600 million for a majority stake in Kylie Jenner's cosmetics and skincare company.
HP dropped 0.8 percent as it rejected a $33 billion bid from Xerox, saying that it "significantly undervalues" the company but signaling that it was open to a potential deal down the road. Xerox gained 1.0 percent.
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