Reuters Insider - Wall Street hits high on trade optimism

Scholastic

23/12/2019 08:55

Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=0_crgmttu8&referenceId=tag:reuters.com,2019:newsml_OVBASDAX7_930&pageId=ReutersNews
Source: Reuters Insider

Description: U.S. stocks hit record closing highs again Friday after data
showed a rise in consumer spending and investors continued to be optimistic
over progress in the U.S.-China trade war. Fred Katayama reports.
Short Link: https://tmsnrt.rs/2EKROyh

Video Transcript:

In across-the-board rally led by defensive stocks, drove Wall Street to record
highs Friday. Lifting investor sentiment – positive economic data and
improving trade relations with China. The S&P 500 gained 0.5% on the day and
rose for the fourth straight week. Meradien Asset Management President Ken
Kamen.

As we go into next year the economics look, and certainly in the United
States, actually look pretty strong with a strong consumer and spending
looking very, very well. And I think we’re going to have a very good
holiday season. So I think there’s a lot of reason that the market is
being optimistic into year-end and I think you’re seeing that reflected
in today’s rally and the rally we’ve been living through for the
last month or so.

Boeing’s shares declined. Its new astronaut capsule successfully launched
but failed to reach the orbit it needed to get to the International Space
Station. Shares of its biggest supplier, Spirit AeroSystems, dropped. The
company said it’ll stop making fuselages for the grounded 737 MAX jets.
The company gets half of its revenue from that plane. Boeing announced this
week that it’ll temporarily halt production of those jets. The biggest
gainer on the S&P – Carnival. The cruise operator that’s a
bellwether for the industry issued a strong profit forecast for 2020.
Scholastic’s shares surged. Growth in its Book Fairs business helped the
publisher of Harry Potter post earnings that flew past Wall Street’s
targets