Benchmarks closed at fresh all-time highs on Monday as investors mull over signals from U.S.-China trade deal.
The Dow Jones Industrial Average (DJI) gained 0.1% or 31.33 points to close at 28,036.22. The S&P 500 rose 0.1% to close at of 3,122.03. Meanwhile, the Nasdaq Composite Index closed at 8,549.94, rising 0.1%.
The fear-gauge CBOE Volatility Index (VIX) decreased 1.4% to close at 12.29. Decliners outnumbered advancers on the NYSE by a 1.45-to-1 ratio. On Nasdaq, a 1.64-to-1 ratio favored declining issues.
How Did the Benchmarks Perform?
The benchmarks recorded new highs but gains were eked out due to the mixed signals on the U.S.-China trade deal. The Walt Disney Company (DIS - Free Report) was the best-performing Dow stock and rose 2.1%. Disney carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P index recorded 32 new 52-week highs but no new lows, while the Nasdaq recorded 64 new highs and 69 new lows.
90-day Extension to Trade with Huawei
After the positive news of “constructive” trade talks in progress during the weekend, index futures traded higher on early Monday. President Donald Trump and his administration on Monday issued licenses citing a 90-day extension, allowing U.S. companies to continue doing business with the blacklisted Huawei Technologies Co.
The 16 months long trade war between the U.S and China has been a concern, but since the beginning of the October several positive developments on the trade front have lifted investor’s sentiments.
On Monday, the National Association of Home Builders reported that the index of builder confidence edged one point lower to 70 this month. However, November’s reading remained near the highest level for 2019.
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