All three indexes–the Dow, S&P 500, and the Nasdaq–advanced to record levels today, with the Dow as the sole index to close at an all-time-high. The market overall was fueled by optimism on Q3 earnings results and trade discussions between the US and China which may bring forth a trade agreement this month.
China is pushing President Trump to remove more tariffs–around $125 billion worth–on Chinese goods as part of the agreement. So far, it appears that a phase one trade deal may be on track.
The September international trade report came in measuring -$5,25 billion, a trade gap that matched consensus expectations–one showing little change in contraction for both imports and exports since last August.
The JOLTS report came in at 7.024 million, indicating that hiring has been on pace although job openings are on a slight decline having fallen 3.8% in September and down 5.0% from September last year.
On the corporate earnings front, 75% of the S&P 500 companies that have reported topped analyst expectations with better-than-expected results.
The Dow ended the day up 30.52 points, advancing 0.1% to a record-high closing of 27,492.63. The S&P 500 fell 0.1% to 3,047.67. The Nasdaq closed at 8,434.68, virtually unchanged.
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