The DJIA and S&P 500 notched record closing highs again Thursday, as President Trump continues to cheer as the market continues to charge higher into record territory.
“Stock Markets (all three) hit another ALL TIME & HISTORIC HIGH yesterday! You are sooo lucky to have me as your President (just kidding!). Spend your money well!” Trump wrote on Twitter earlier this week.
“Stock Market up big today. A New Record. Enjoy!” he posted in a tweet earlier Thursday.
The latest signs of progress in US-China trade relations relieved Bullish investors, but a report raising concerns about the outlook for a deal limited the day’s gainers.
China said it had agreed with the United States to remove tariffs in phases, while state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports.
Indexes pared gains in afternoon trading after a Reuters report, citing sources, said that the White House’s plan to roll back China tariffs faces internal opposition and that no final decision has been made.
An interim US-China trade deal is expected to include a US pledge to scrap tariffs scheduled for 15 December.
“Any kind of uncertainty there, with the market at all-time highs, and it’s easy for traders and institutions to press the sell button and take some money off the table,” said the president, Alan B. Lancz & Associates Inc, an investment advisory firm.
The latest batch of earnings offered upbeat news.
The Dow Jones Industrial Average rose 182.24 points, or 0.66%, to 27,674.8, the S&P 500 gained 8.4 points, or 0.27%, to 3,085.18 and the Nasdaq Composite added 23.89 points, or 0.28%, to 8,434.52.
- NAS Comp +27.1% YTD
- S&P 500 +23.1% YTD
- Russell 2000 +18.2% YTD
- DJIA +18.6% YTD
The S&P 500 posted 54 new 52-week highs and 5 new lows, the NAS Comp Composite recorded 118 new highs and 85 new lows.
Volume on all US exchanges was 7.92-B shares, compared with the 6.83-B-share average for the full session over the last 20 trading days.
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.
Looking ahead, investors will receive the preliminary November reading for the University of Michigan’s Index of Consumer Sentiment and the Wholesale Inventories report for September Friday.