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US STOCKS-Wall St hits fresh record high on trade progress

Stock MarketsNov 07, 2019 16:27
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© Reuters. US STOCKS-Wall St hits fresh record high on trade progress

(For a live blog on the U.S. stock market, click LIVE/ or

type LIVE/ in a news window.)

* Qualcomm top boost to S&P, Nasdaq on upbeat forecast

* Trade-sensitive chipmakers, industrials rise

* Ralph Lauren jumps on profit beat

* Roku plunges after wider loss

* Indexes up: Dow 0.74%, S&P 0.56%, Nasdaq 0.68%

(Updates to open)

By Arjun Panchadar

Nov 7 (Reuters) - Wall Street's main indexes hit fresh

record highs on Thursday, rallying on signs of progress in

U.S.-China trade relations and another batch of largely upbeat

earnings reports.

The benchmark S&P 500 index .SPX is eyeing its fifth

straight week of gains, while the tech-heavy Nasdaq .IXIC is

on track to rise for a sixth week in a row.

China said on Thursday that it had agreed with the United

States to remove tariffs in phases, while the state-owned Xinhua

News Agency said Beijing was also considering removing

restrictions on poultry imports. "This is fuelling optimism that a trade deal will be

solidified at some point," said Andre Bakhos, managing director

at New Vines Capital LLC in Bernardsville, New Jersey.

"It removes a veil of uncertainty and gives the market a

green light for a risk-on path."

Eight of the 11 major S&P 500 sectors were higher, with a

rise in oil prices driving a 1.2% gain in the energy sector

.SPNY and taking it to the top of the heap.

The technology sector .SPLRCT provided the biggest boost

to the S&P 500 index, riding on a 7.5% jump in Qualcomm Inc

shares QCOM.O after the chipmaker forecast current-quarter

profit above analysts' estimates. The Philadelphia Semiconductor index .SOX also jumped 1.5%

as chipmakers, which have a sizeable exposure to China, rose.

Nearly three-quarters of the 383 S&P 500 companies that have

reported results so far have beaten profit expectations,

according to IBES data from Refinitiv.

At 9:49 a.m. ET the Dow Jones Industrial Average .DJI was

up 202.26 points, or 0.74%, at 27,694.82, the S&P 500 .SPX was

up 17.13 points, or 0.56%, at 3,093.91 and the Nasdaq Composite

.IXIC was up 57.50 points, or 0.68%, at 8,468.13.

Ralph Lauren Corp RL.N jumped 14% after it topped

second-quarter profit expectations, helped by tighter control on

expenses and strong demand for its Polo shirts and tweed jackets

in China and Europe. Expedia Group Inc EXPE.O tumbled 22.5% as the online

travel booking company missed quarterly profit estimates.

Roku Inc ROKU.O plunged 16.6% after posting a wider net

loss in the third quarter, as it spent more to attract

subscribers to its video streaming platform. Twitter Inc TWTR.N fell 2.3% after Evercore ISI downgraded

the stock to "underperform" from "in-line". Advancing issues outnumbered decliners by a 2.14-to-1 ratio

on the NYSE and a 2.40-to-1 ratio on the Nasdaq.

The S&P index recorded 45 new 52-week highs and three new

lows, while the Nasdaq recorded 81 new highs and 30 new lows.

US STOCKS-Wall St hits fresh record high on trade progress
 

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