Please ensure Javascript is enabled for purposes of website accessibility

Want to Work at Big Fresno Fair? Annual Jobs Event is Thursday

11 hours ago

Targeted Israeli Rocket Strike Kills Al Jazeera Journalists in Gaza

12 hours ago

Landmark Trial Starts Over Trump’s Use of National Guard in LA

13 hours ago

Trump Says Both Sides in Ukraine War Will Need to Cede Territory

14 hours ago

California Supreme Court Hands Victory to Rooftop Solar Panel Owners

17 hours ago

Apollo 13 Commander Jim Lovell Dies at 97

18 hours ago

Marjaree Mason Center Announces Top 10 Professional Women Honorees

2 days ago

Visalia Roadwork to Close Giddings Street Through December

4 days ago
Stocks Head for Another Set of Records as Rally Continues
gvw_ap_news
By Associated Press
Published 6 years ago on
November 4, 2019

Share

NEW YORK — U.S. stocks moved broadly higher Monday as investors extended a rally that puts the major indexes on track for another record-setting day.
The Dow Jones Industrial Average was on pace to beat its record high close set in July. The S&P 500 is heading for its fourth record high in six days and the Nasdaq was also set to beat the record it set on Friday.
The rally follows a solid week of gains pushed by reassuring economic reports and corporate earnings. Friday’s encouraging jobs report helped solidify Wall Street’s view that a recession is unlikely. Corporate profits have been weaker than a year ago, but not as bad as Wall Street expected, and the U.S. and China seem to be making progress on a resolution to their damaging trade war.
Energy stocks led the broad gains as oil prices rose 1.5%. Chevron jumped 4.7% and Exxon Mobil rose 3.1%.
Technology stocks were also big winners and chipmakers were particularly strong. Intel rose 1.6% and Nvidia gained 1.9%.
Bond yields rose and helped lift banks. Bank of America rose 1.6%.
The yield on the 10-year Treasury note rose to 1.78% from 1.72% late Friday. Higher bond yields allow banks to charge more lucrative interest rates on mortgages and other loans.
Utilities and real estate companies lagged the market as investors shifted away from safe-play holdings and took on more risk.

Government Will Release International Trade Data on Tuesday

Wall Street has less to focus on this week following last week’s steady flow of corporate results and economic reports. The U.S. government will release international trade data on Tuesday and investors will keep a close watch on the latest service sector survey, also expected Tuesday. CVS will report its latest earnings on Wednesday and Walt Disney will report its latest results on Thursday.
KEEPING SCORE: The S&P 500 rose 0.4% as of 12:30 p.m. Eastern time and was above its record close of 3,066.91 on Friday. The Dow Jones Industrial Average rose 97 points, or 0.4%, to 27,444 and on track to beat its record high set on July 15. The Nasdaq rose 0.5% and was also on track to beat its latest record set on Friday.
The Russell 2000 index of smaller company stocks rose 0.4%.
ANALYST’S TAKE: Investors are heading into the final two months of 2019 energized with more confidence from three interest rate cuts and optimism over a potential U.S.-China trade deal, said Sam Stovall, chief investment strategist at CFRA. That has helped reinforce a typical late-year shift to riskier holdings.
“People’s mindset shifted from a defensive ‘sell in May’ approach to the more cyclical approach, as is usually the case,” he said.
PIERCED ARMOR: Under Armour plunged 14.9% following revelations its accounting practices have been under federal investigation for two years. The company confirmed that it has been cooperating with the U.S. Securities and Exchange Commission and the U.S. Department of Justice.
OUSTED CEO: McDonalds fell 2.7% after the fast-food giant pushed out CEO Steve Easterbrook because he engaged in a consensual relationship with an employee in violation of company policy. He has been CEO since 2015.
OVERSEAS: European and Asian markets rose broadly. Japan’s market was closed for a holiday.

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Fight Over Fresno Mobile Home Park Ends As Self-Help Enterprises Takes Over

DON'T MISS

Explosions at US Steel Plant Leave One Dead, 10 Injured

DON'T MISS

Israel Steps up Gaza City Bombing After Netanyahu’s Vow To Expand Offensive

DON'T MISS

Want to Work at Big Fresno Fair? Annual Jobs Event is Thursday

DON'T MISS

EJ Warner Named Fresno State Starting QB, Gets Shout-Out From His Dad

DON'T MISS

Targeted Israeli Rocket Strike Kills Al Jazeera Journalists in Gaza

DON'T MISS

Landmark Trial Starts Over Trump’s Use of National Guard in LA

DON'T MISS

Eric Grant Is New US Attorney for Region That Includes Fresno

DON'T MISS

Trump Says Both Sides in Ukraine War Will Need to Cede Territory

DON'T MISS

Gifford Fire Grows to Nearly 120,000 Acres With 33% Containment

UP NEXT

Terrible Thirst Hits Gaza With Polluted Aquifers and Broken Pipelines

UP NEXT

National Weather Service to Restore Hundreds of Jobs Cut Under Trump

UP NEXT

Where the Redistricting Wars Might Go After Texas

UP NEXT

Wall Street Gains as Trump’s Interim Fed Choice Stokes Dovish Bets

UP NEXT

US Issues New Iran-Related Sanctions, Treasury Says

UP NEXT

FBI to Track Down Texas Democrats Who Fled Over Redistrict Vote, US Senator Says

UP NEXT

Trump to Sign Order Requiring Universities Disclose Admissions Data on Race

UP NEXT

Trump to Sign Order Opening Way for Alternative Assets in 401(K)S, Official Says

UP NEXT

Trump Calls on ‘Highly Conflicted’ Intel CEO to Resign Over China Ties

UP NEXT

Trump Says US Will Charge Tariff of About 100% on Semiconductor Imports

Want to Work at Big Fresno Fair? Annual Jobs Event is Thursday

11 hours ago

EJ Warner Named Fresno State Starting QB, Gets Shout-Out From His Dad

12 hours ago

Targeted Israeli Rocket Strike Kills Al Jazeera Journalists in Gaza

12 hours ago

Landmark Trial Starts Over Trump’s Use of National Guard in LA

13 hours ago

Eric Grant Is New US Attorney for Region That Includes Fresno

14 hours ago

Trump Says Both Sides in Ukraine War Will Need to Cede Territory

14 hours ago

Gifford Fire Grows to Nearly 120,000 Acres With 33% Containment

15 hours ago

US CDC Tightens Safety Measures After Gunman Kills Officer in Atlanta

15 hours ago

Sen. Klobuchar Is a Democratic Bellwether, and She’s Changing Her Tune on Israel

15 hours ago

California Supreme Court Hands Victory to Rooftop Solar Panel Owners

17 hours ago

Fight Over Fresno Mobile Home Park Ends As Self-Help Enterprises Takes Over

After more than four years of turmoil, the legal fight over a mobile home park in north Fresno appears to be over as a Visalia affordable ho...

9 hours ago

9 hours ago

Fight Over Fresno Mobile Home Park Ends As Self-Help Enterprises Takes Over

Firefighters Spray Water on Site of US Steel Plant Explosion
10 hours ago

Explosions at US Steel Plant Leave One Dead, 10 Injured

11 hours ago

Israel Steps up Gaza City Bombing After Netanyahu’s Vow To Expand Offensive

Big Fresno job Fair
11 hours ago

Want to Work at Big Fresno Fair? Annual Jobs Event is Thursday

Fresno State Bulldogs Football QuarterBack EJ Warner
12 hours ago

EJ Warner Named Fresno State Starting QB, Gets Shout-Out From His Dad

Relative of Slain Al Jazeera Journalist
12 hours ago

Targeted Israeli Rocket Strike Kills Al Jazeera Journalists in Gaza

California National Guard Members Stand Guard During LA Immigration Protests
13 hours ago

Landmark Trial Starts Over Trump’s Use of National Guard in LA

14 hours ago

Eric Grant Is New US Attorney for Region That Includes Fresno

Search

Help continue the work that gets you the news that matters most.

Send this to a friend