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US Market hits record high

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The US stock market finished edges up to new record on Friday, 08 November 2019, as investors continued hunting value buying amid optimism of a U. S. - China trade deal, solid results from Disney and a slight improvement in consumer confidence. At closing bell, the Dow Jones Industrial Average gained 6.44 points, or 0.02%, to 27,681.24, a new all-time closing high. The Nasdaq Composite grew 40.79 points, or 0.48%, to 8,475.31, meanwhile the S&P 500 index grew 7.90 points, or 0.26%, to 3,093.08.

For the week, the Dow added 1.2% while the S&P 500 gained 0.8% and the Nasdaq advanced 1%.

Stock markets rallied despite growing doubts about the willingness of the U. S. to pare import duties in stages as a part of its partial China trade pact, after President Trump told he hasn't yet approved such a measure. On Thursday, officials from both countries said that the United States and China had agreed to such a deal.

Walt Disney Co gained 3.8% 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.

On the economic front, the early November reading on consumer sentiment rose to 95.7 from 95.5 in October, beating market estimates, despite a slightly less favorable outlook of consumers for their own personal finances, according to a survey of consumers by the University of Michigan released on Friday.

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

First Published: Mon, November 11 2019. 07:16 IST