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Stocks Inch Ahead as Investors Look to Trump Speech

12/11/2019 3:24pm

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By Caitlin Ostroff and Karen Langley 

U.S. stocks inched up Tuesday as investors looked ahead to a speech by President Trump for new clues about U.S. trade policy.

Mr. Trump's remarks at the Economic Club of New York will be scrutinized for insights into trade negotiations with China. An announcement by Beijing last week that the two countries had agreed to roll back tariffs lifted financial markets, but Mr. Trump later disputed that such an agreement had been made.

"There's cautious optimism that we will get some fairly positive outlooks from President Trump," said Michael Hewson, chief market analyst at CMC Markets. He said markets are hopeful that no tariffs will be placed against European auto makers and are watching to see whether Mr. Trump goes forward with tariffs on Chinese goods, set to go into effect Dec. 15.

Major U.S. stock indexes are at or near all-time highs, as investors have grown more confident about the economy. The Dow Jones Industrial Average notched another record close Monday, while the S&P 500 and Nasdaq Composite clinched new closing highs Friday.

Investors have found reason for optimism in another Federal Reserve rate cut, a corporate earnings season that has been better than expected, and data on jobs and consumer spending that suggest strength in the U.S. economy.

Shortly after the open Monday, the S&P 500 added 0.2%, while the Nasdaq Composite rose 0.3%. The Dow Jones Industrial Average edged up 0.1%.

Corporate news drove moves in individual stocks. Shares of Advance Auto Parts dropped 6.1% after the company reported lower-than-expected third-quarter same-store sales. Rockwell Automation climbed 15% after the Milwaukee-based industrial technology company beat forecasts for its adjusted profit.

Shares of Portland-based brewing company Craft Brew Alliance more than doubled after Anheuser-Busch offered to buy the remaining shares of the company Monday.

The yield on the 10-year U.S. Treasury was 1.931%, up from 1.930% Friday. Bond markets were closed Monday. Yields rise when prices fall.

In Europe, the Stoxx Europe 600 rose 0.3% and the U.K.'s FTSE 100 edged up 0.5%. Stocks traded up in Asia, where the Hang Seng rose 0.5% amid ongoing pro-democracy demonstrations. The Shanghai Composite gained 0.2% and Japan's Nikkei 225 climbed 0.8%.

Write to Caitlin Ostroff at and Karen Langley at


(END) Dow Jones Newswires

November 12, 2019 10:09 ET (15:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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