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US STOCKS-S&P 500, Nasdaq at record highs ahead of Trump speech

Published 12/11/2019, 18:06
Updated 12/11/2019, 18:09
© Reuters.  US STOCKS-S&P 500, Nasdaq at record highs ahead of Trump speech
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(For a live blog on the U.S. stock market, click LIVE/ or

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* Trump set to talk in New York on trade policy

* Walt Disney gains after Disney+ launch

* Rockwell climbs after profit beat

* CBS drops on revenue miss

* Indexes up: Dow 0.16%, S&P 0.38%, Nasdaq 0.50%

(Updates market action)

By Arjun Panchadar

Nov 12 (Reuters) - The S&P 500 and Nasdaq indexes rose to

record highs on Tuesday as trade-sensitive technology stocks

gained ahead of a much-awaited speech by President Donald Trump,

which was likely to provide some clarity on the U.S.-China

tariff talks.

Hopes of a resolution to the 16-month long tariff dispute

and a strong corporate earnings season have powered Wall

Street's gains so far this month.

All 11 major S&P 500 sectors were trading higher, with the

technology sector's .SPLRCT 0.53% rise providing the biggest

boost, followed by healthcare shares .SPXHC .

The Philadelphia Semiconductor index .SOX gained 0.84%.

Trump is scheduled to discuss the country's trade policy at

the Economic Club of New York later on Tuesday and markets are

likely to hang on to every word. "There is some optimism that Trump will tell people

something they like to hear, whether it's the civics or a

general delay in tariffs," said Willie Delwiche, investment

strategist at Baird in Milwaukee.

"The focus is very much on those expectations on 'if not

good news then at least the avoidance of bad news' from Trump."

About three quarters of the S&P 500 companies that have

reported results so far have topped analysts' profit

expectations, according to Refinitiv data.

A fresh set of economic data is also expected later this

week. Retail sales in October is expected to rebound from a

surprise contraction in the previous month and industrial

production is likely to decline by the same measure as last

month.

Federal Reserve Chair Jerome Powell will give his comments

on the domestic economic outlook this week.

At 11:40 a.m. ET the Dow Jones Industrial Average .DJI was

up 43.08 points, or 0.16%, at 27,734.57, the S&P 500 .SPX was

up 11.65 points, or 0.38%, at 3,098.66 and the Nasdaq Composite

.IXIC was up 42.67 points, or 0.50%, at 8,506.95.

Walt Disney Co DIS.N rose 1.62% as the company launched

its widely awaited streaming service, Disney+. Netflix NFLX.O

shares were down 0.6%. Rockwell Automation Inc ROK.N jumped 12.5% as the factory

automation equipment maker beat fourth-quarter profit

expectations.

CBS Corp CBS.N dropped 2% after the media company missed

quarterly revenue estimates. Shares of Viacom Inc VIAB.O ,

which is merging with CBS, were also down nearly 2%.

Advancing issues outnumbered decliners by a 1.42-to-1 ratio

on the NYSE and a 1.36-to-1 ratio on the Nasdaq.

The S&P index recorded 38 new 52-week highs and one new low,

while the Nasdaq recorded 91 new highs and 61 new lows.

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