The Dow Jones Industrial Average and Nasdaq Composite closed at record highs on Tuesday as upbeat comments from U.S. Commerce Secretary Wilbur Ross about comments in trade talks with China helped to raise sentiment.
Continue Reading Below
It was the third straight record close for the Nasdaq and second for the Dow. The S&P 500 ended just below the flat line.
|I:DJI||DOW JONES AVERAGES||27821.09||-112.93||-0.40%|
|I:COMP||NASDAQ COMPOSITE INDEX||8526.732283||-43.93||-0.51%|
Ross said Tuesday that the “phase one” trade talks now underway were making progress and that more complicated issues would not be tackled until later discussions.
“I’m reasonably optimistic we can get something done and move forward toward a completion of phase one,” he said during a teleconference call with reporters.
Dow component Walgreens Boots Alliance rallied after Reuters reported the company is looking into going private. A leveraged buyout would be the biggest of all time.
Boeing shares were higher after CEO Dennis Muilenberg said he would forgo his 2019 bonus. The announcement comes after Muilenberg was asked last week by Rep. Steve Cohen why he was still taking his full salary despite admitting accountability for the two deadly 737 Max crashes.
Elsewhere, Bed, Bath & Beyond gained after the company said it would forgo tradition and open its stores on Thanksgiving Day.
|WBA||WALGREENS BOOTS ALLIANCE INC.||61.34||-0.11||-0.18%|
|BBBY||BED BATH & BEYOND INC.||12.80||-0.19||-1.46%|
Uber reported its third-quarter loss widened to $1.16 billion, or 68 cents a share, from $986 million a year prior. The ride-hailing giant said it expects to finally turn a profit in 2021.
Peloton Interactive said its first-quarter loss narrowed by $4.8 million to $49.8 million, or $1.29 a share, as revenue surged 103 percent versus a year ago.
Meanwhile, Shake Shack shares were under pressure after the burger chain reported better-than-expected earnings, but said comparable same-store sales were up 2 percent, missing analyst expectations.
Tapestry was gaining ground after reporting earnings that topped estimates. The luxury good maker's Kate Spade line said strong sales in Europe, Japan and mainland China helped offset weakness in Hong Kong.
|UBER||UBER TECHNOLOGIES INC.||28.03||+0.98||+3.62%|
|SHAK||SHAKE SHACK INC||59.40||-0.52||-0.87%|
Commodities were mixed with gold down 1.69 percent to $1,485 an ounce and West Texas Intermediate crude oil up 1.1 percent at $57.16 a barrel.
Treasurys were sharply lower, causing the yield on the 10-year note to climb by 6.5 basis points to 1.853 percent.
European markets were higher with France's CAC up 0.39 percent and London's FTSE higher by 0.25 percent. Germany's DAX added 0.09 percent.
In Asia, Japan's Nikkei jumped by 1.5 percent, returning from a holiday. The Hang Seng in Hong Kong gained 0.5 percent and the Shanghai Composite added 0.5 percent.
FOX Business' Ken Martin and the Associated Press contributed to this article.