Wall Street forges new records on trade optimism, Dow crosses 28,000 mark

17 Novembre, 2019, 01:38 | Auteur: Auguste Feret
  • Famous Wall street and the building in New York New York Stock Exchange with patriot flag

(MENAFN - Baystreet.ca) The Dow Jones Industrial Average hit a fresh record high on Friday after White House economic advisor Larry Kudlow said China and the USA were getting close to reaching a trade deal.

The Dow Jones Industrial Average topped the 28,000 mark for the first time ever, closing Friday at 28,004.89.

The Dow climbed more than 125 points, or about 0.5%, by early afternoon, to set another all-time high of more than 27,910 points.

The S&P 500 has gained 3.4%, and Dow is up 2.8%, over the past month through Thursday's close.

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US-China trade aside, the market spotlight at the end of the week was on a barrage of US economic indicators, including a much weaker than expected reading on US industrial production.

On the economic front, in the week ending November 9, weekly jobless claims reached 225,000 last week, an increase of 14,000 from previous week's unrevised level, the US Department of Labor said on Thursday. Its shares declined more than 7 per cent after the company said it expects 75 cents to 77 cents in Non-GAAP earnings per share, and an annualized revenue decline of 3 per cent to 5 per cent in the fiscal second quarter. The Nasdaq Composite Index decreased 20.76 points, or 0.24 per cent, to 8,461.34.

The Nasdaq gained 65.52 points, or 0.8%.

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