Nasdaq hits record, Dow and S&P rally as Trump applauds economy
The Nasdaq secured a fresh record while the Dow Jones Industrial Average and the S&P 500 closed just shy of one after President Trump touted the benefits that his pro-American policies have had on the U.S. economy.
Trump, speaking at the Economic Club of New York, said: “We have ended the war on American workers, we have stopped the assault on American industry, and we have launched an economic boom the likes of which we have never seen before" while also noting the record run the U.S. stock market is having.
|I:DJI||DOW JONES AVERAGES||32560.6||+316.02||+0.98%|
|I:COMP||NASDAQ COMPOSITE INDEX||11860.109059||+184.57||+1.58%|
He also addressed his progress on redoing trade deals with the likes of China as well as the United States Mexico Canada trade agreement or USMCA. He also applauded his record on job creation.
Traders continue to keep a close eye on U.S.-China trade front after Trump last week cast doubts over a Chinese official's comments on gradually rolling back tariffs as negotiations progress.
Trump said in a Tuesday, ahead of his speech, in a tweet that the U.S. economy is "booming."
Disney shares were in focus after the entertainment giant launched its Disney Plus streaming service on Tuesday morning. The launch didn't go too smoothly as users had trouble accessing the content. Still the stock closed higher.
Meanwhile, Pacific Gas & Electric was higher after the San Francisco-based utility raised the amount of compensation available to wildfire victims to $13.5 billion, up from about $8.4 billion.
Dean Foods shares were halted indefinitely after the company filed for Chapter 11 bankruptcy protection. Shares had lost 79 percent this year before Tuesday's filing.
|DIS||THE WALT DISNEY CO.||96.54||+2.32||+2.46%|
On the earnings front, homebuilder D.R. Horton rose after reporting better-than-expected third-quarter profit and revenue and giving an upbeat forecast for the fourth quarter.
Tyson Foods also rose after giving an optimistic outlook for 2020. The chicken producer reported top and bottom-line results that fell short of Wall Street estimates.
|DHI||D.R. HORTON INC.||96.84||+0.21||+0.22%|
|TSN||TYSON FOODS INC.||58.23||-0.34||-0.58%|
Commodities were mixed as gold slipped to around $1,453 an ounce, its weakest in more than three months. West Texas Intermediate crude oil rose to the $57 a barrel level.
U.S. Treasurys were little changed as traders returned to work following the Veterans Day holiday.
In European trading, London's FTSE is gaining 0.7 percent, Germany's DAX added 0.6 percent and France's CAC rose 0.5 percent.
In Asian markets on Tuesday, Japan's Nikkei gained 0.8 percent, while the Hang Seng in Hong Kong added 0.5 percent. The Shanghai Composite picked up 0.2 percent.
Hong Kong shares bounced back from Monday's sell-off, though protesters again disrupted the morning commute on Tuesday.
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The city has been wracked by anti-government protests for more than five months and tensions escalated Monday as the violence grew more extreme.
The Associated Press and FOX Business' Ken Martin contributed to this article.