Stocks secure new records as US economy tops expectations
Investors are thankful for another record setting session
Stocks secured another set of records on Wednesday amid optimism on the trade front, a stronger-than-expected U.S. economy and a week that saw positive earnings from big retailers such as Dick's Sporting Goods.
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite rallied to new all-time highs ahead of the Thanksgiving holiday when U.S. financial markets will be closed.
The early catalyst for stocks came after President Trump, on Tuesday, told reporters that the U.S. and China are "in the final throes" of reaching a trade deal.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38054.02 | -406.90 | -1.06% |
| SP500 | S&P 500 | 5037.4 | -34.23 | -0.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15564.9398 | -147.81 | -0.94% |
U.S. markets also received support from the second reading of third-quarter gross domestic product showed the U.S. economy expanded at a 2.1 percent annualized rate, up from the initial reading showing 1.9 percent growth. Durable goods orders also impressed, rising 0.6 percent in October. Economists were expecting a 0.8 percent decline.
Wednesday's record close was the Dow's 101 under Trump.
Retailers ended the session mixed as many prepare for the holiday shopping season to kick off on Friday, yet many retailers have already been pushing early online deals.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 60.49 | +0.64 | +1.06% |
| TGT | TARGET CORP. | 164.81 | -0.56 | -0.34% |
| JWN | NORDSTROM INC. | 19.07 | -0.17 | -0.86% |
| M | MACY'S INC. | 18.50 | -0.23 | -1.20% |
| BBY | BEST BUY CO. INC. | 74.86 | +0.42 | +0.56% |
Meanwhile, airlines were also mixed on the busiest travel day of the year amid adverse weather conditions. Heavy winds are expected to snarl air travel over the eastern half of the country, causing delays and cancellations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 13.94 | +0.02 | +0.15% |
| DAL | DELTA AIR LINES INC. | 48.81 | +0.87 | +1.81% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 52.85 | +0.18 | +0.34% |
| LUV | SOUTHWEST AIRLINES CO. | 26.71 | -2.58 | -8.82% |
Heavy-equipment maker Deere & Co. dropped over 4 percent after reporting better-than-expected earnings and revenue, but saying it sees uncertainties in the agriculture sector. Profit from the company's financial-services unit fell 66 percent to $90 million, partly due to challenges in its leasing business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DE | DEERE & CO. | 390.73 | -3.92 | -0.99% |
Looking at commodities, gold was down 0.4 percent at $1,461 an ounce and West Texas Intermediate crude oil was little changed near $58.45 a barrel.
EXCLUSIVE: FORMER FED CHAIRMAN EXPLAINS WHY MARKETS ARE BOOMING DESPITE TRADE WAR
U.S. Treasurys slid, running the yield on the 10-year note to around 1.766 percent.