Home world US stocks open higher, march further into record territory


US stocks open higher, march further into record territory

by Ace Damon
US stocks open higher, march further into record territory

NEW YORK (AP) – Equities are opening more on Wall Street as investors seek to push key indexes further into record territory. Consumer and technology stocks led the first earners. Apple rose 1.1%. Nasdaq rose 0.2% to 9,039 a day after crossing 9,000 for the first time. The S&P; 500 rose 0.2% to 3,245 and could be on track for its biggest annual gain since 1997. The benchmark soared over 3% so far in December, driven by a truce in the US-China trade war and positive signals for the economy. The Dow Jones Industrial Average index rose 69 points, or 0.2%, to 28,690.

This is a last minute update. The previous history of PA follows below.

Global stock markets rose mainly on Friday, amid optimism that US-China trade relations are improving and in the first reports that online Christmas shopping increased last year in the US.

European markets rallied in midday trading and Wall Street was poised for further gains after reaching new highs again on Thursday. Hong Kong ended with gains and Tokyo declined.

Investors welcomed US President Donald Trump's comment that a "Phase 1" interim trade agreement with China was "being finalized". Trump said he and Chinese President Xi Jinping would hold a signing ceremony.

Traders are still waiting to see details of the deal aimed at helping to resolve a 17-month trade war between the two countries.

Chinese customs data this week showed that soybean imports in November increased in a possible boost for US farmers. The Midwest agricultural states were hampered by Beijing's previous suspension of US soybean purchases, the largest Chinese import from the United States, in response to Trump's tariff increases on Chinese goods.

"The overall feeling of risk is positive," Mizuho Bank said in a report.

At noon trading, Frankfurt's DAX rose 0.5% to 13,375 and France's CAC 40 also gained 0.5% to 6,058. London's FTSE rebounded after initial losses and increased 0.3% to 7,656.

On Wall Street, the Standard & Poor's 500 benchmark futures and the Dow Jones Industrial Average futures rose 0.3%.

On Thursday, both reached new highs. The S&P; 500 rose 0.5% and Dow gained 0.4%. Nasdaq compound rose 0.8%.

Investors received a report from Mastercard SpendingPulse that showed that online Christmas shopping in the US increased by 18.8% over the previous year.

In Asia, the Shanghai Composite Index fell 2 points at 3,005.04 and Tokyo's Nikkei 225 fell 0.4% to 23,837.72. Hong Kong's Hang Seng Index rose 1.2% to 28,202.10 and Seoul Kospi rose 0.3% to 2,204.21.

Sydney's S & P-ASX; 200 jumped 0.4% to 6,821.70 and India's Sensex advanced 0.8% to 41,507.97.

Benchmarks in Taiwan and Singapore advanced, while New Zealand declined.

Also Friday, the government of Japan reported that industrial production fell 0.9% in November compared with the previous month. Japanese retail sales increased 4.5% from the previous month, but inventory levels were high.

Despite optimism about US-China trade, traders are still concerned about unresolved disputes.

Next year also has the added complication of the US presidential election.

ENERGY: US reference crude gained 15 cents to $ 61.83 a barrel in electronic trading on the New York Mercantile Exchange. Brent oil, used to price international oils, advanced 9 cents to $ 66.85 a barrel in London.

CURRENCY: The dollar weakened to 109.50 yen from 109.57 on Thursday. The euro rose to $ 1,152 from $ 1,100.

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Copyright © 2019 The Washington Times, LLC.


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