The Dow Jones Industrial Average hit a record high on Tuesday as it rallied for a second day, boosted by gains in Intel and optimism around global trade. The 30-stock index closed 122.73 points higher to 26,773.94 for its first record close since Sept. 21. Intel climbed more than 3.5 percent, while Boeing soared to an all-time high. These gains added to the 192-point pop in the Dow on Monday to start the fourth quarter. The S&P 500, closed flat, however, at 2,923.43 while the Nasdaq Composite fell half a percent to 7,999.55 as large-cap tech names fell more than 1 percent. Amazon shares dropped 1.6 after the company announced it would raise its minimum wage to $15 per hour for all U.S. employees. Facebook, meanwhile, dropped nearly 2 percent. Stocks were coming off strong gains from the previous session after Canada joined the U.S. and Mexico in a new trade deal. The United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. More market access will be granted to U.S. dairy farmers, while Canada has agreed to effectively cap automobile exports to the States. “The market reaction suggests investors are less worried about a trade war,” said Jennifer Ellison, principal at BOS. “It’s more of a sigh of relief.” Boeing climbed 1.1 percent, while Caterpillar gained 1.7 percent. The two stocks are seen as bellwethers for trade given their exposure overseas. Now investors will be looking to China, to see if Beijing and Washington can compromise on certain trade elements.
More great news in this Trump economy!! 🙂