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* Trump set to talk in New York on trade policy
* Walt Disney gains after Disney+ launch
* D.R. Horton rises after upbeat results, forecast
* CBS drops on revenue miss
* Indexes up: Dow 0.17%, S&P 0.36%, Nasdaq 0.37%
(Updates to open)
By Arjun Panchadar
Nov 12 (Reuters) - A rise in technology stocks drove the S&P
500 and Nasdaq indexes to new record highs on Tuesday, while
investors awaited a speech by President Donald Trump for clarity
on U.S.-China trade relations.
Hopes of a resolution to the 16-month long tariff war and a
strong corporate earnings season have propelled Wall Street this
month.
Trump is scheduled to discuss the country's trade policy at
the Economic Club of New York later on Tuesday where investors
will look for signs of concrete progress in a trade truce
between Washington and Beijing. "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."
Gains on Tuesday were broad based, with all 11 major S&P 500
sectors trading higher. The technology sector .SPLRCT rose
0.5% and was the biggest boost to the benchmark index, while the
Philadelphia chip index .SOX gained 0.8%.
The third-quarter corporate earnings season has also been
largely better than expected. About three quarters of the S&P
500 companies that have reported results so far have topped
analysts' profit expectations, according to Refinitiv data.
Also on the list is the next round of economic data,
including October retail sales and industrial production, as
well as comments by Federal Reserve Chair Jerome Powell on the
domestic economic outlook.
At 10:11 a.m. ET, the Dow Jones Industrial Average .DJI
was up 45.86 points, or 0.17%, at 27,737.35, while the S&P 500
.SPX was up 11.26 points, or 0.36%, at 3,098.27. The Nasdaq
Composite .IXIC was up 30.97 points, or 0.37%, at 8,495.25.
Walt Disney Co DIS.N rose 1.4% as the company launched its
widely awaited streaming service, Disney+, on Tuesday.
D.R. Horton Inc DHI.N , the No.1 U.S. homebuilder, gained
3.2% after topping fourth-quarter profit expectations and
forecasting 2020 home sales above analysts' estimates.
CBS Corp CBS.N dropped 3.8% after the media company missed
quarterly revenue estimates. Shares of Viacom Inc VIAB.O ,
which is merging with CBS, were also down nearly 4%.
Advancing issues outnumbered decliners by a 1.65-to-1 ratio
on the NYSE and by a 1.47-to-1 ratio on the Nasdaq. The S&P
index recorded 24 new 52-week highs and one new low, while the
Nasdaq recorded 69 new highs and 39 new lows.