Dow, Nasdaq and S&P 500 close at record highs amid impeachment news
The Dow, Nasdaq and S&P 500 closed at record highs once again despite news of impeachment. Stephanie Link of Nuveen and Jack Manley, global market strategist, at J.P. Morgan Asset Management, discuss markets after the bell on “Closing Bell.”
Stocks rose and made fresh record highs on Friday to end a week that saw solid gains as geopolitical risks abate toward the end of a blockbuster 2019.
Wall Street also got a boost after President Donald Trump tweeted he had a “very good talk” with Chinese President Xi Jinping about the U.S.-China trade deal, noting “China has already started large scale purchases of agricultural product & more.”
Meanwhile, consumer spending growth for the third quarter was revised higher to 3.2% from 2.9%. Sentiment among consumers also remained strong in December.
The S&P 500 rose 0.5% to 3,221.23 while the Nasdaq Composite advanced 0.4% to 8,924.96 and notched an eight-day winning streak. The Dow Jones Industrial Average climbed 78.13 points, or 0.3% to 28,455.09.
Carnival shares led the S&P 500 higher, surging more than 7% on strong quarterly results. Verizon and 3M both rose more than 1.8% to push the Dow into record levels.
The S&P 500 was up more than 1.5% for the week and posted its fourth consecutive weekly gain. The Dow and Nasdaq were up 1.2% and 2.1%, respectively, for the week. The S&P 500 and Nasdaq also had their best weekly performance since August.
“You’re seeing the geopolitical risk that was in the market seep out now,” said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management. “You had the Fed backstopping risk throughout the year but you had those geopolitical worries. Now, they’re abating and the market is moving higher.”
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