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US Market ends at fresh records

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The US stock market finished session at fresh record high on Wednesday, 27 November 2019, supported by better than expected U. S. economic data and ongoing hopes for a U. S. - China trade deal. However, market gains capped ahead of Thursday's Thanksgiving Day holiday, followed by an abbreviated trading session on Friday.

At closing bell, the Dow Jones Industrial Average closed up 42.32 points or 0.15% at 28,164.00 for a record, while the S&P 500 gained 13.11 points or 0.42% to 3,153.63 and the Nasdaq was up 57.24 points or 0.66% at 8,705.18.

The markets continued to benefit from optimism about a potential U. S.-China trade deal after President Donald Trump said trade talks are going very well. US President Donald Trump said on Tuesday that Washington was in the "final throes" of work on a deal that would defuse a 16-month trade war with Beijing. Trump's optimistic comments came one day after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

Adding fuel to the rally was the Commerce Department revised estimate of third-quarter GDP that showed the US economy expanded at a 2.1% annual pace versus a previous estimate of 1.9%. Also, Commerce Department report showing orders for durable goods rose 0.6% in October after plunging by a revised 1.4 percent in September. .

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

First Published: Thu, November 28 2019. 08:50 IST