Disney leads Dow, S&P 500 to records, trade tension keeps a lid on gains


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Disney leads Dow, S&P 500 to records, trade tension keeps a lid on gains

On Wednesday, the 13th of November 2019, the trade-sensitive Dow Jones Industrial Average alongside Standard & Poor 500 breached another record closing high, buoyed up by a giant leapfrog of Walt Disney shares, nonetheless, tech-heavy Nasdaq Composite fell as stocks exposed to China exports had kept the gains in lid following break-off of a fresh uncertainty on Sino-US trade relation.

Aside from that, a Wall Street Journal report published during midday US trading on Wednesday (November 13th) had revealed that a promised purchase of US farm goods by China worth of $20 billion as part of a Phase One trade deal had hit a hitch, casting fresh clouds over an ongoing dispute between the world’s first- and second-largest economy, which had been keeping the global money markets shivering for more than 16 months.

Nonetheless, despite all of the doubts festering outlook of a Sino-US trade deal, all three key indexes of the Wall St. had been spiralling higher earlier in the session after Fed’s Powell had been quoted saying that the US Central Bank was witnessing a “sustained expansion” ahead for US economy, nonetheless, Nasdaq lost its uphill battle at the later part of the day and wrapped up the session a penny down.

Meanwhile questing possibility of a Sino-US trade deal by next year as US recession fear slightly recedes, a partner at Cherry Lane Investments in New Vernon, New Jersey, Rick Meckler said, “It’s still about China and investors trying to decide whether there’s a deal coming or not.

It’s really left investors uncertain. They don’t want to sell into a possible announced deal, but they also don’t want to get whipsawed by, again, some disappointment over it. ” Citing statistics, the trade-sensitive Dow added 0.33 per cent to wind down Wednesday’s (November 13th) market at a record closing high of 27,783.59, while S&P 500 index gained 0.07 per cent to 3,094.04 and Nasdaq shed 0.05 per cent to 8,482.10 on Wednesday’s (November 13th) market wrap-up.