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* Nike falls as North America revenue disappoints
* Carnival Corp top pct gainer on S&P 500
* Consumer spending rose 0.4% last month
* Dow and Nasdaq hit record highs for second straight
session
* Indexes up: Dow 0.4%, S&P 0.6%, Nasdaq 0.4%
(Adds comment)
By Uday Sampath Kumar and C Nivedita
Dec 20 (Reuters) - The S&P 500 extended its run of record
highs for the seventh straight session on Friday, its longest
streak in over two years, as investor optimism continued on
improving U.S.-China trade relations and strength in domestic
consumer spending.
All three major stock indexes were on pace to end the week
at record levels, boosted by the announcement of an initial
U.S.-China trade agreement last Friday and upbeat economic
indicators.
U.S. President Donald Trump tweeted on Friday he "Had a very
good talk" with Chinese President Xi Jinping about the
long-awaited deal. (https:// Trump's comments came a day after U.S. Treasury Secretary
Steven Mnuchin said the treaty would be signed in early January,
dispelling fears of another escalation in the tariff
dispute. "What investors like is that we seem very, very close to
signing a phase one deal," said Michael Geraghty, equity
strategist at Cornerstone Capital Group.
"The details will be important and interesting, but I think
for investors, what's important right now is that finally China
and the U.S. seem to be on the same page."
Consumer spending, a major focus for investors as the key to
U.S. economic growth, rose 0.4% last month, adding to a string
of upbeat data that have helped put behind recession fears,
which had dogged markets earlier this year.
At 11:42 a.m. ET the Dow Jones Industrial Average .DJI was
up 121.16 points, or 0.43%, at 28,498.12, the S&P 500 .SPX was
up 18.46 points, or 0.58%, at 3,223.83 and the Nasdaq Composite
.IXIC was up 37.73 points, or 0.42%, at 8,924.95.
The Dow Industrials .DJI and Nasdaq .IXIC touched
all-time highs for the second straight session.
Markets are likely to be volatile on Friday due to
"quadruple witching," where investors unwind positions in
futures and options contracts before their expiration.
Nike Inc NKE.N fell nearly 2%, after the world's largest
sportswear maker reported lower-than-expected growth in revenue
from North America.
Carnival Corp CCL.N rose 7.3%, and was the biggest
percentage gainer on the S&P 500, after the cruise operator
forecast a 2020 profit largely above estimates. U.S. Steel Corp X.N tumbled 8.5%, after forecasting a
bigger-than-expected fourth-quarter loss. Advancing issues outnumbered decliners for a 2.15-to-1 ratio
on the NYSE and a 1.28-to-1 ratio on the Nasdaq.
The S&P index recorded 71 new 52-week highs and no new low,
while the Nasdaq recorded 138 new highs and 28 new lows.
S&P 500 Records https://tmsnrt.rs/2Mf6LNo
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