S&P 500, Nasdaq scale new highs; Boeing lifts Dow

By Manas Mishra (Reuters) - The S&P 500 and the Nasdaq hit fresh record highs on Monday as President Donald Trump said an initial U.S.-China trade pact would be signed 'very shortly', while Boeing was a big boost to the Dow after the planemaker fired its chief executive officer. Boeing Co jumped 3.2% and also lifted the S&P 500 industrials sector after ousting Chief Executive Officer Dennis Muilenburg, following a year of intense scrutiny and industrial setbacks set off by twin fatal crashes of its 737 MAX jetliner.

Reuters December 24, 2019 00:09:21 IST
S&P 500, Nasdaq scale new highs; Boeing lifts Dow

SP 500 Nasdaq scale new highs Boeing lifts Dow

By Manas Mishra

(Reuters) - The S&P 500 and the Nasdaq hit fresh record highs on Monday as President Donald Trump said an initial U.S.-China trade pact would be signed "very shortly", while Boeing was a big boost to the Dow after the planemaker fired its chief executive officer.

Boeing Co jumped 3.2% and also lifted the S&P 500 industrials sector <.SPLRCI> after ousting Chief Executive Officer Dennis Muilenburg, following a year of intense scrutiny and industrial setbacks set off by twin fatal crashes of its 737 MAX jetliner.

The benchmark S&P 500, which logged its biggest weekly percentage gain since early September last week, hit an all-time intraday high for the eighth straight session on Monday.

The so-called "phase one" deal, announced earlier this month, has helped fuel a rally on Wall Street, and the momentum continues on signs of improving U.S.-China trade relations. The benchmark S&P 500 is up about 29% in 2019, set for its best year since 2013.

Trump said over the weekend that the interim trade deal would be signed "very shortly". Additionally, China said it would cut tariffs on products including frozen pork, avocado and some types of semiconductors next year.

"Boeing is a tailwind for the markets for the day. It will be pretty quiet this week and probably going into year end," said Keith Gangl, portfolio manager of Gradient Investments in Minneapolis, Minnesota.

"The markets have been pretty strong year to date, and I don't expect that to change."

With few economic indicators expected in a trading week shortened by the Christmas holiday, volumes are expected to be light.

Five of the 11 major S&P sectors were higher with technology stocks <.SPLRCT> providing the biggest boost as shares of tariff-sensitive Apple Inc rose 1.5%.

At 11:27 a.m. ET, the Dow Jones Industrial Average <.DJI> was up 118.59 points, or 0.42%, at 28,573.68, the S&P 500 <.SPX> was up 5.65 points, or 0.18%, at 3,226.87. The Nasdaq Composite <.IXIC> was up 26.96 points, or 0.30%, at 8,951.92.

Apache Corp jumped 12%, the most among S&P 500 companies, after the oil and gas producer said it had formed a joint venture with France's Total to develop a project off Suriname.

Advancing issues outnumbered decliners for a 1.18-to-1 ratio on the NYSE and a 1.00-to-1 ratio on the Nasdaq.

The S&P index recorded 33 new 52-week highs and no new low, while the Nasdaq recorded 92 new highs and 22 new lows.

(Reporting by Manas Mishra and Shreyashi Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty, Maju Samuel and Shounak Dasgupta)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.