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US-STOCKS-MARKETS
US stocks edge to records again after solid economic data
NEW YORK, Dec 18, 2019 (BSS/AFP) – Wall Street stocks edged to records
again on Tuesday after good economic data added to positive momentum
following announcement of a US-China trade agreement last week.
Reports released Tuesday showed a sharp rebound to industrial production
in November, while permits to build new homes reached a 12-year peak.
The data allowed equities to scale even loftier heights after last week’s
US-China trade agreement removed the risk of new US tariffs on Chinese
imports and reduced some earlier tariffs.
The Dow Jones Industrial Average inched up 0.1 percent to end at 28,267.16
for its second straight record.
The broad-based S&P 500 was up a hair at 3,192.52, while the tech-rich
Nasdaq Composite Index advanced 0.1 percent to 8,823.36.
Both the S&P 500 and Nasdaq were at records for the fourth straight
session.
“The fog has cleared hasn’t it?” said Maris Ogg of Tower Bridge Advisors,
who said greater certainty on Brexit following a decisive British election
contributed to the upbeat sentiment.
“Fundamentally the global economy is on an upswing, not a downswing,” she
said. “I don’t mean it is going to grow rapidly, but it looks better than it
did just six or eight weeks ago.”
Boeing shares finished flat after a sharp decline Monday ahead of the
announcement it was suspending production of the 737 MAX due to delays in
recertifying the aircraft to fly.
The announcement also weighed on key Boeing suppliers, including Spirit
AeroSystems, which dropped 2.8 percent.
Netflix jumped 3.7 percent as it reported significant increases in key
overseas markets at the same time North American growth has slowed.
The company reported nearly 14.5 million subscribers in the Asia-Pacific
region at the end of September, representing growth of more than 50 percent
over the previous 12 months.
Bed Bath & Beyond shot up 11.2 percent as new Chief Executive Mak Tritton
announced that six senior executives were exiting the company, touting the
efforts as a move towards garnering “fresh” perspectives to help turn around
the struggling retailer.
BSS/AFP/HR/1010