The three major US stock indexes posted record closing highs and the S&P 500 registered a fifth straight week of gains on Friday as investors brushed aside worries over the progress of US-China trade talks and as Walt Disney shares rose.
Doubts about trade progress resurfaced earlier in the day when President Donald Trump, in remarks to reporters at the White House, said he has not agreed to a rollback of US tariffs sought by China. On Thursday, officials from both countries said that the US and China had agreed to such a deal. The Cboe volatility index posted its lowest closing level since 24 July.
Helping to boost the S&P 500, Walt Disney Co gained 3.8 per cent a day after it reported quarterly results that showed it spent less than it had projected on its online streaming service, Disney+. Disney’s popular theme parks and a remake of The Lion King lifted earnings.
The Dow Jones Industrial Average rose 6.44 points, or 0.02 per cent, to 27,681.24, the S&P 500 gained 7.9 points, or 0.26 per cent, to 3,093.08 and the Nasdaq Composite added 40.80 points, or 0.48 per cent, to 8,475.31. For the week, the S&P 500 rose 0.8 per cent, posting a fifth straight week of gains, while the Nasdaq gained 1.1 per cent, closing out its sixth straight week of gains. The Dow was up 1.2 per cent for the week.Morning-Market-Note-Monday-11th-November