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US-STOCKS-MARKETS
US stocks end at records again on trade talk optimism
NEW YORK, Nov 27, 2019 (BSS/AFP) – Major US stock indices closed at
records for the second straight session Tuesday as optimism over US-China
trade talks offset a somewhat lower consumer confidence reading.
The Dow Jones Industrial Average gained 0.2 percent to 28,121.68.
The broad-based S&P 500 also gained 0.2 percent to 3,140.52, along with
the tech-rich Nasdaq Composite Index, which stood at 8,647.93.
All three indices also ended at records on Monday.
Analysts pointed to reports in Chinese state media that depicted the long-
running trade talks as still on track to finalize a “phase one agreement.”
US President Donald Trump also suggested there was progress, saying “we’re
in the final throes of a very important deal.”
The ups and downs of the trade talks have affected US stocks for more than
a year. In recent days, analysts have investors’ fear of missing out on
further market gains as a factor in pushing stocks upward.
Data from the Conference Board estimated consumer confidence in November
at 125.5, below the October level and under expectations.
However, analysts noted that the reading — which includes part of the key
holiday shopping season — was still relatively high by historic standards.
Among individual companies, Best Buy surged almost 10 percent as it
reported better-than-expected third-quarter earnings and offered an upbeat
outlook on the holiday season.
But Dollar Tree sank 15.2 percent as third-quarter profits lagged analyst
expectations. The company’s press release cited a number of challenges,
including continued uncertainty on trade.
HP Inc fell 0.5 percent as Xerox announced it planned to take a hostile
takeover offer directly to HP shareholders. The move sets up a proxy fight
for control of HP, which has said Xerox’ $33 billion offer “significantly
undervalues” the company. Xerox dropped 1.2 percent.
BSS/AFP/HR/1030