US Nasdaq ends at record levels

The US stock market finished modest higher on Tuesday, 12 November 2019, spurred by gains in trade-sensitive technology stocks, after President Donald Trump suggested signing a "phase one" trade deal with China could happen soon but did not offer clarity on a rollback of import tariffs. At closing bell, the Nasdaq Composite advanced 21.81 points, or 0.26%, to 8,486.09, surpassing its previous all-time close, meanwhile the S&P 500 index rose 4.83 points, or 0.16%, to 3,091.84. The Dow Jones Industrial Average ended unchanged at around 27,691.49.

Markets were keenly focused on trade negotiations between the U.S. and two of its major counterparts, Europe and China. At the Economic Club of New York, President Donald Trump gave an update Tuesday afternoon on trade negotiations with China, saying both sides are close to a "phase-one" deal, but that he would only accept it if the agreement worked to the advantage of U.S. workers and businesses. News reports also suggested Trump may put off for another six months a decision on whether to place tariffs of up to 25% on European auto imports, ahead of the Wednesday deadline.

 

Attention now will shift to back-to-back testimony on Wednesday and Thursday by Federal Reserve Chairman Jerome Powell.

Facebook Inc. surged as it announced a new payment feature, and Walt Disney Co. rose after its much-anticipated streaming service debuted.

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