Tourists pass the Fearless Girl statue in front of the New York Stock Exchange (NYSE) on June 18, 2019 in New York City. — AFP pic
NEW YORK, Dec 20 — Wall Street stocks added to records early today on continued optimism about the US economy, but Boeing shares dipped as a troubled space launch added to company woes.
US stocks have been on the upswing most of December as the US-China trade conflict has mellowed and economic indicators have remained solid. Official figures released today confirmed third-quarter US growth at 2.1 per cent.
Briefing.com analyst Patrick O’Hare described the gains as a drift higher based on benign conditions.
“Last year, things were melting down on rate hike and recession concerns, as well as nettlesome trade worries,” O’Hare wrote. “This year, things are melting up on rate cuts and optimism about a continuing expansion, as well as less nettlesome trade worries.”
About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,469.69, up 0.3 per cent.
The broad-based S&P 500 gained 0.4 per cent to 3,216.50, while the tech-rich Nasdaq Composite Index advanced 0.2 per cent to 8,907.21. All three indices ended at records on Thursday.
Among individual companies, Boeing dropped 0.7 per cent as the launch of its Starliner capsule ran into early trouble with its orbit procedure. Nasa chief Jim Bridenstine said the mission won’t achieve its scheduled docking tomorrow.
The difficulties come as Boeing is also dealing with a protracted grounding of its 737 MAX plane following two deadly crashes.
Nike fell 2.0 per cent as it reported a jump in second-quarter earnings as strong pricing and increased direct sales helped offset a hit from US trade tariffs. Some analysts said they expected a bigger increase in gross profit margins. — AFP