· The benchmark S&P 500 stock index posted a slim gain to end with a record closing high on Thursday, as a dour forecast from tech stalwart Cisco Systems was offset by a strong report from big box retailer Walmart.
The Dow index ended barely negative, after posting a closing high on Wednesday, while the Nasdaq also ended fractionally lower.
The Dow Jones Industrial Average .DJI fell 1.63 points, or 0.01%, to 27,781.96, the S&P 500 .SPX gained 2.59 points, or 0.08%, to 3,096.63 and the Nasdaq Composite .IXIC dropped 3.08 points, or 0.04%, to 8,479.02.
Stocks have recently run to all-time highs, helped by the Federal Reserve’s interest rate cuts, third-quarter earnings topping low expectations, and signs the economy may be bottoming.
· European shares fell after data showed the German economy grew just 0.1% in the third quarter. Though Germans avoided slipping into a mild contraction thanks to consumer spending, economic growth remained weak nevertheless.
The pan-European STOXX 600 index closed down 0.36%, while Germany’s DAX fell 0.38%, also pulled lower by a 4.5% drop in Daimler shares. The carmaker said tougher emissions rules would hit earnings in 2020 and2021.
· Asia markets were mixed in Friday morning trade following a record close overnight on Wall Street for the S&P 500.
The Nikkei 225 in Japan rose fractionally in early trade while the Topix index added 0.15%. South Korea’s Kospi, on the other hand, slipped 0.1%.
Meanwhile, Australian stocks advanced in morning trade. The S&P/ASX 200 gained 0.36% as almost all the sectors traded higher.
Overall, the MSCI Asia ex-Japan index traded 0.17% higher.
Investors continue to monitor U.S.-China trade developments. White House economic adviser Larry Kudlow said Thursday that Washington is “getting close” to a trade deal with Beijing, Reuters reported.
Markets have been on edge for much of the trading week amid uncertainty over the state of U.S.-China trade negotiations.
Reference: CNBC, Reuters
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