S&P 500 Marks 5th Week of Gains, as Wall Street Hits New Records

S&P 500 Marks 5th Week of Gains, as Wall Street Hits New Records


Friday, the 3 major US stock market indexes posted record closing highs and the S&P 500 registered a 5th straight week of gainers as investors brushed aside worries over the progress of US-China trade talks and as Walt Disney shares rose.

The Cboe volatility index .VIX posted its lowest closing level since 24 July (VXX).

Helping to boost the S&P 500, Walt Disney Co (DIS) gained 3.8% a day after it reported Quarterly results that showed it spent less than it had projected on its online streaming service, Disney+. Disney’s popular theme parks and a remake of “The Lion King” lifted earnings.

The Dow Jones Industrial Average .DJI rose 6.44 points, or 0.02%, to 27,681.24, the S&P 500 .SPX gained 7.9 points, or 0.26%, to 3,093.08 and the NAS Comp .IXIC added 40.80 points, or 0.48%, to 8,475.31.

On the week

The S&P 500 rose 0.8%, posting a 5th week running of gainers, while the NAS gained 1.1%, closing out its 6th straight week of gainers. The DJIA was up 1.2% on the week.

Increasing optimism on the trade front and better-than-expected earnings have driven the recent record run in stocks.

Of the 446 S&P 500 companies that have reported results so far, roughly 75% have beaten profit estimates, according to IBES data from Refinitiv.

Advancing issues outnumbered declining ones on the NYSE by a 1.07-to-1 ratio, on the NAS , a 1.13-to-1 ratio favored advancers.

The S&P 500 posted 29 new 52-wk highs and 2 new lows; the NAS Comp Composite recorded 74 new highs and 87 new lows.

Volume: Trade on all US exchanges was 6.59-B shares, compared with the 6.79-B-share average for the full session over the last 20 trading days.

HefX-LTN’s overall outlook for the major US stock indexes if Bullish to Very Bullish at the week ended 8 November 2019.

Have a terrific weekend

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