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NewsBreak: Wall Street Higher; Trump Speech Has Little Impact

Published 2019-11-12, 01:15 p/m
Updated 2019-11-12, 01:31 p/m
© Reuters.

Investing.com – Stocks pushed higher Tuesday as President Donald Trump spoke to the New York Economic Club, but were off their highs in the afternoon.

  • Trump's speech was a rousing defense of his presidency, along with a full-throated round of bashing the Federal Reserve. But all he would say about the U.S.-China trade talks was that a deal could be close.

  • The S&P 500 was up 0.33% at 1:20 PM ET (18:20 GMT). The Dow Jones industrials added 0.13% and the Nasdaq Composite added 0.46%. The Nasdaq 100 index, dominated by Big Tech, was up 0.49%.

  • The S&P 500, Nasdaq and Nasdaq 100 hit new intraday highs before pulling back slightly.

  • Walt Disney (NYSE:DIS), Merck (NYSE:MRK), Microsoft (NASDAQ:MSFT), and Cisco Systems (NASDAQ:CSCO) were among the Dow leaders. Facebook (NASDAQ:FB), Starbucks (NASDAQ:SBUX) and Advanced Micro Devices (NASDAQ:AMD) were among the Nasdaq 100 leaders.

  • Healthcare, communication services and technology were the strongest sectors, with real estate and energy the weakest. Crude oil was higher. Interest rates were off slightly.

    Latest comments

    There will not be a deal until 2020. The Fed will not cut until Q2 2020, and Trump knows this. Holding rates will lead to another global market correction. Trump knows will accept a significant drop in the indices to try and hurt China further. Time to liquidate US equities...
    Trump's comments today about the Fed cutting rates too slowly confirms he knows the Fed will not cut until 2020. Trump will bring down the indices even more than what we saw this May, in order to persuade the Fed to cut again. No Santa Claus rally this year. Time to sell your equity positions.
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