Trump meets Zelenskiy, says Putin wants war to end, mulls trilateral talks
(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Upbeat China data signals resilience in global economy
* Tesla hits record high as China-made Model 3 deliveries to
begin
* Softness in Chinese demand poses growth risk - analysts
Indexes mixed: Dow up 0.12%, S&P flat, Nasdaq down 0.09%
(Updates to open)
By Manas Mishra
Dec 27 (Reuters) - Wall Street hovered at record highs on
Friday, as investors paused after a year-end rally that has been
fueled by optimism over a U.S.-China trade truce and an
improving global economy.
All three major U.S. stock indexes opened at record highs as
traders cheered upbeat economic data from China, but quickly
pared gains in the absence of any new information on an initial
Sino-U.S. trade agreement.
The world's top two economies announced their Phase 1 deal
earlier this month, but have since disclosed few concrete
details. Beijing said this week it was in close contact with
Washington on the pact.
"These moves are expected in the absence of anything
earth-shaking happening," said Katrina Lamb, head of investment
strategy and research at MV Financial, in Bethesda, Maryland.
"We've had such a long run so far that it now feels a bit
overstretched."
Robust U.S. economic data, relatively loose monetary policy
and hopes of an imminent trade truce between Beijing and
Washington have sent the S&P 500 index to several record highs
this month.
The benchmark index is about half a percentage point shy of
logging its best year since 1997, while the Nasdaq has now
posted 11 straight opening records, crossing the 9,000 mark on
Thursday.
Signaling resilience in the global economy, data on Friday
showed China's industrial profits grew at the fastest pace in
eight months in November.
Still, some analysts have cautioned that weakness in Chinese
demand remains a risk for company earnings next year.
At 10:33 a.m. ET, the Dow Jones Industrial Average .DJI
was up 34.29 points, or 0.12%, at 28,655.68, while the S&P 500
.SPX was flat at 3,240.11. The Nasdaq Composite .IXIC was
down 8.14 points, or 0.09%, at 9,014.25.
Shares of Tesla Inc TSLA.O touched another record high
after the electric-car maker said it would begin delivering its
China-made Model 3 vehicles on Dec. 30. Netflix Inc NLFX.O and Alphabet Inc GOOG.O were among
the biggest drags on the S&P 500 and Nasdaq. The so-called FAANG
group of stocks have logged a good run over the past decade,
with shares of Netflix up 4,100% in the period. Declining issues outnumbered advancers for a 1.13-to-1 ratio
on the NYSE and for a 1.82-to-1 ratio on the Nasdaq.
The S&P index recorded 51 new 52-week highs and no new low,
while the Nasdaq recorded 63 new highs and 14 new lows.
World stock markets in 2019 https://tmsnrt.rs/399IrGu
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>