Dow scores 100th record close under Trump
Investors score another record day on Wall Street as did Trump
Stocks closed on record highs Tuesday helped by a batch of positive retail earnings, a new record for Disney and more positive developments on U.S.-China trade talks.
Tuesday's record close was the 100th since President Trump took office.
|I:DJI||DOW JONES AVERAGES||33573.28||+10.42||+0.03%|
|I:COMP||NASDAQ COMPOSITE INDEX||13276.418068||+46.99||+0.36%|
Investors scooped up more Disney shares, lifting the Mouse House to a new record after the research firm Apptopia said the Disney+ app has been downloaded 15.5 million times and is averaging 25.6 million sessions per day over the past week.
|DIS||THE WALT DISNEY CO.||92.16||+1.16||+1.27%|
Uber and Lyft shares gained despite the City of Chicago announcing a congestion tax on ride-hailing services. Uber was hit hard Monday after London pulled its business license.
|UBER||UBER TECHNOLOGIES INC.||40.25||-0.18||-0.45%|
On the earnings front, Best Buy reported better-than-expected third-quarter results as store sales rose 2 percent from a year ago, driven by strength in appliances, headphones, tablets, services and computing. The electronics retailer also raised its full-year outlook for earnings and revenue.
Dick's Sporting Goods soared after reporting a top and bottom-line beat and raising its outlook for the rest of the year. The sporting goods retailer said e-commerce sales climbed 13 percent year-over-year.
Meanwhile, shares of Dollar Tree tanked after the discount retailer said it expects fourth-quarter earnings to take a hit due to tariffs.
|BBY||BEST BUY CO. INC.||74.36||+1.51||+2.07%|
|DKS||DICK'S SPORTING GOODS INC.||134.44||+6.89||+5.40%|
|DLTR||DOLLAR TREE INC.||131.29||+1.05||+0.81%|
And more positive trade developments also helped drive the gains after Trump told reporters the U.S. and China are "in the final throes" of reaching a deal. The comments came after China said earlier in the day that its top trade envoy and other senior officials spoke by phone with U.S. negotiators.
China's commerce ministry said Vice Premier Liu He and other senior officials spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. U.S. trade sources confirmed the call with FOX Business.
Chinese state-run news agency Xinhua said the two sides discussed "solving issues regarding each other’s core concerns, reached consensus on properly resolving related issues and agreed to maintain communication on remaining issues in consultations on the Phase 1 deal."
In economic news, Case-Shiller home prices rose 3.2 percent annually in September, up from their 3.1 percent gain the month prior. While the Conference Board's Consumer Confidence Index saw a slight decline in November to a reading of 125.5 vs. 126.1 the prior month.
U.S. Treasurys were higher, pushing the yield on the 10-year note down 2.6 basis points to 1.738 percent.
Commodities were higher with gold up 0.4 percent at $1,469 an ounce and West Texas Intermediate crude oil up 0.6 percent at $58.36 a barrel.
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In Europe, markets ended little changed with Britain's FTSE and France's CAC both up 0.1 percent and Germany's DAX down 0.1 percent.
Overnight, China's Shanghai Composite finished flat while Japan's Nikkei gained 0.4 percent and Hong Kong's Hang Seng lost 0.3 percent.