Nasdaq, S&P 500 hit record closing high on strong job data, trade deal hope


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Nasdaq, S&P 500 hit record closing high on strong job data, trade deal hope

On Friday, the 1st of November 2019, all three key indexes of Wall St. had posted robust gains of roughly 1 per cent each with S&P 500 and Nasdaq notching a record closing high to wrap up the trading week on Friday (November 1st) following a decent growth in US employment data last month, while a rebound of China’s manufacturing activity soothed up some concerns linked to a global-scale slowdown.

Apart from a set of upbeat economic data released on Friday (November 1st), renewed hopes of a Sino-US trade deal in a near-term outlook had buoyed up investors’ optimism, as US President Donald Trump was quoted saying earlier in the US trading hours that he was expecting to sign an interim trade deal with China someplace in the United States, perhaps in the US farming state of Iowa, a strategically crucial state for the Republicans for 2020 US Presidential election where US President Donald Trump had beaten Democratic candidate Hilary Clinton by a thinner margin of roughly 147,000 votes.

Meanwhile, referring to a US economy so far insulated from a global-scale economic downturn except its recessed manufacturing sectors which shed 36,000 jobs last month, a regional investment strategist at US Bank Wealth Management in Phoenix, Jeff Kravetz said, “A nice surprise, and also there were upwards revisions for September and August.

To us that is an indication of the resiliency of the economy this late in the cycle and for today that is what is putting investors at ease and putting them on a risk-on mode here. ” Quoting statistics, on Friday’s (November 1st) market wrap-up, S&P soared 0.97 per cent to 3,066.91, remarking the index’s third record closing high in five days, while Nasdaq gained 1.13 per cent to score its all-time closing high of 8,386.80 and Dow added 1.11 per cent to round off Friday’s (November 1st) market at 27,347.36.