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US Dow hits record on trade deal hopes

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The US stock market finished session at fresh record high on Monday, 04 November 2019, as investors risk sentiments boosted up on hopes of a U. S.-China trade deal, third-quarter earnings season, and an improving U. S. economy. At closing bell, the Dow Jones Industrial Average inclined 114.75 points, or 0.42%, to 27,462.11, surpassing its prior all-time high set in July. The Nasdaq Composite added 46.80 points, or 0.56%, to 8,433.20, meanwhile the S&P 500 grew 11.36 points, or 0.37%, to 3,078.27.

Market commenced trading with firm footing after Mr. Ross's comments reignited hopes that an initial agreement is in the cards. The U. S.

Commerce Secretary Wilbur Ross said on Sunday that U. S.-China trade deal expected to be signed between U. S. President Donald Trump and Chinese President Xi Jinping. Ross said the agreement could be reached by the two leaders in one of several locations, including Iowa, Alaska, Hawaii or somewhere in China.

The deal was originally anticipated to be inked at this month's Asia-Pacific Economic Cooperation summit in Chile, an event that has since been canceled due to protests in the country. Last month, the U. S. and China agreed to finalize the first phase of a trade agreement, which includes a pause in tariff escalation and China buying U. S. agriculture products.

Friday data showed that the U. S. economy created 128,000 new jobs in October, while the unemployment rate ticked higher to 3.6%, in line with market expectations.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 05 2019. 10:23 IST