Stocks hit record highs as US economy tops expectations

FAN Editor

Stocks opened at record highs Wednesday amid optimism on the trade front and a stronger-than-expected U.S. economy.

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All three of the major averages followed through on the gains overseas, which developed after President Trump, on Tuesday, told reporters that the U.S. and China are “in the final throes” of reaching a trade deal.

U.S. markets also received support from the second reading of third-quarter gross domestic product showed the U.S. economy expanded at a 2.1 percent annualized rate, up from the initial reading showing 1.9 percent growth. Durable goods orders also impressed, rising 0.6 percent in October. Economists were expecting a 0.8 percent decline.

The Dow Jones Industrial Average opened at a record high before turning slightly lower. Tuesday’s record close was the Dow’s 100th under Trump.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 28112.79 -8.89 -0.03%
SP500 S&P 500 3145.96 +5.44 +0.17%
I:COMP NASDAQ COMPOSITE INDEX 8683.462069 +35.53 +0.41%

Retailers are in focus as they prepare for the holiday shopping season to kick off on Friday.

Ticker Security Last Change Change %
WMT WALMART INC. 119.13 -0.06 -0.05%
TGT TARGET CORP. 126.00 -0.89 -0.70%
JWN NORDSTROM 38.27 +0.47 +1.23%
M MACY’S INC. 15.47 +0.10 +0.65%
BBY BEST BUY 80.64 -0.94 -1.15%

Meanwhile, airlines are higher on the busiest travel day of the year despite adverse weather conditions. Heavy winds are expected to snarl air travel over the eastern half of the country, causing delays and cancellations.

Ticker Security Last Change Change %
AAL AMERICAN AIRLINES GROUP INC. 28.92 -0.13 -0.45%
DAL DELTA AIR LINES INC. 56.82 -0.64 -1.11%
UAL UNITED AIRLINES HLDG. 92.79 +0.03 +0.03%
LUV SOUTHWEST AIRLINES CO. 57.50 -0.09 -0.16%

Heavy-equipment maker Deere & Co. was under pressure after reporting better-than-expected earnings and revenue, but saying it sees uncertainties in the agriculture sector. Profit from the company’s financial-services unit fell 66 percent to $90 million, partly due to challenges in its leasing business.

Ticker Security Last Change Change %
DE DEERE & COMPANY 168.84 -7.81 -4.42%

Looking at commodities, gold was down 0.4 percent at $1,461 an ounce and West Texas Intermediate crude oil was little changed near $58.45 a barrel.

U.S. Treasurys slid, running the yield on the 10-year note up 2.4 basis points to 1.764 percent, ahead of pending home sales data due out at 10 a.m. ET.

EXCLUSIVE: FORMER FED CHAIRMAN EXPLAINS WHY MARKETS ARE BOOMING DESPITE TRADE WAR

Overnight on Wall Street, the S&P 500 index rose 0.2% to 3,140.52, while the Dow Jones Industrial Average gained 0.2% to 28,121.68. The Nasdaq composite added 0.2% to 8,647.93. The Russell 2000 index of smaller-company stocks picked up 0.1% to 1,624.23.

European markets were higher with Britain’s FTSE up 0.5 percent to pace the gains. Germany’s DAX and France’s CAC were up 0.3 percent and 0.1 percent, respectively.

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In Asia, Japan’s Nikkei gained 0.3% while Hong Kong’s Hang Seng rose 0.2 percent. The Shanghai Composite lost 0.1 percent.

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