The Dow Added 223 Points to Pass 28000 for the First Time

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28000 for the First Time headline|The Dow Added 223 Points to Pass 28000 for the First Time index Dow Jones Industrial Average index|Dow Jones Industrial Average symbol DJIA country US codetype index displayname Dow Jones Industrial Average extractedtext Dow Jones Industrial Average source MANUAL code djia name Dow Jones Industrial Average significance prominent onlinesignificance prominent exchange Dow Jones Global exchangeisocode DOW JONES GLOBAL chartingsymbol INDEX/US/DOW JONES GLOBAL/DJIA status modified index S&P 500 index|S&P 500 symbol SPX country US codetype index displayname S&P 500 Index extractedtext S&P 500 source MANUAL code spx name S&P 500 significance prominent onlinesignificance prominent exchange S&P US exchangeisocode S&P US chartingsymbol INDEX/US/S&P US/SPX status modified index Nasdaq Composite index|Nasdaq Composite symbol COMP country US codetype index displayname NASDAQ Composite Index extractedtext Nasdaq Composite source MANUAL code comp name Nasdaq 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subject|OAMK description 04|Markets|Asia Mkts News source EXPANDER value OAMK codetype SUBJECT code oamk subject OPOL subject|OPOL name Politics & Policy description 01|US|Politics & Policy source EXPANDER value OPOL codetype SUBJECT code opol subject BARMKTS subject|BARMKTS ruleid BARMKTS codetype SUBJECT value BARMKTS selectable true canbedisplaysubject true name Markets title Markets status modified code BARMKTS subject BARAFBELL subject|BARAFBELL ruleid BARAFBELL codetype SUBJECT value BARAFBELL canbedisplaybrand true name After the Bell title After the Bell status modified code BARAFBELL wordcount 660 wordcount|660 id facebook id|facebook news_tab_url https://www.barrons.com/articles/the-dow-record-close-28000-for-the-first-time-51573856581 Illustration by Michael George Haddad The Dow Added 223 Points to Pass 28000 for the First Time The Dow Added 223 Points to Pass 28000 for the First Time The Dow Added 223 Points to Pass 28000 for the First Time

U.S. stocks rose despite negative news about industrial production and mixed figures on consumer spending.

The Dow Added 223 Points to Pass 28000 for the First Time

U.S. stocks rose despite negative news about industrial production and mixed figures on consumer spending.

https://www.marketwatch.com/story/industrial-output-falls-by-most-in-17-months-in-october-2019-11-15 https://www.marketwatch.com/story/us-retail-sales-rebound-in-october-but-a-small-group-of-stores-reap-most-of-the-gains-2019-11-15 https://www.marketwatch.com/story/the-trump-impeachment-inquiry-could-be-good-news-for-one-major-industry-2019-11-14 https://www.barrons.com/articles/u-s-bill-on-hong-kong-could-threaten-trade-deal-and-stock-rally-51573832418?mod=hp_LEAD_2 https://www.barrons.com/articles/trump-says-a-trade-deal-between-the-u-s-and-china-is-close-51573582989?mod=article_inline https://www.barrons.com/articles/u-s-bill-on-hong-kong-could-threaten-trade-deal-and-stock-rally-51573832418?mod=hp_LEAD_2 https://www.marketwatch.com/story/house-backs-3-bills-to-support-pro-democracy-protesters-in-hong-kong-2019-10-15?mod=article_inline https://www.marketwatch.com/story/industrial-output-falls-by-most-in-17-months-in-october-2019-11-15 https://www.marketwatch.com/story/us-retail-sales-rebound-in-october-but-a-small-group-of-stores-reap-most-of-the-gains-2019-11-15 mailto:evie.liu@barrons.com The Dow Added 223 Points to Pass 28000 for the First Time By Evie Liu Illustration by Michael George Haddad

Breaking Good. The Dow Jones Industrial Average closed above 28000 for the first time as stocks made moderate gains on Friday. U.S. industrial production declined more than expected in October, but retail sales rebounded. Investors continued to wait for a resolution to the U.S.-China trade dispute, while ignoring the public impeachment hearings against President Donald Trump. In today’s After the Bell, we…

watch the Dow pass a psychologically important level; wonder whether the Hong Kong situation could affect the trade negotiations; and check on some mixed data about the U.S. economy in October.

Record Territory

All three major U.S. stock indexes rose on Friday to end the week at record highs. The Dow gained 222.93 points, or 0.8%, to close at 28004.89, while the S&P 500 added 23.83 points, or 0.77%, to finish at 3120.46 and the Nasdaq Composite increased 61.81 points, or 0.73%, to close at 8540.83.

The Dow closed above 28000 level for the first time. It’s yet another sign that investors are regaining confidence both in the pending trade truce with China and in the U.S. economy, wrote Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, on Friday. The stocks that comprise the Dow are more cyclical than those in the S&P 500, a broader index, noted Zaccarelli, and they are now beginning to join in the rally that started last month.

“In the absence of any major, negative news on trade, the market is poised to begin the Santa Claus rally early and should leave markets even higher by year end,” Zaccarelli said.

Investors largely remain optimistic that the U.S. and China will finally close the much-awaited “phase one” trade deal. Late Thursday, National Economic Council director Lawrence Kudlow said negotiators were down to the “short strokes” needed for an agreement. The pact reportedly would have Beijing purchase more U.S. agricultural goods and have Washington roll back tariffs on Chinese imports.

But there is one possible snag: the continuing protests in Hong Kong, which turned increasingly violent this week. Local officials said that the city was “slipping into the abyss of terrorism” and Chinese President Xi Jinping said on Thursday that it has become an urgent task to bring the violence to an end.

The U.S. Senate is preparing for a quick passage of the Hong Kong Human Rights and Democracy Act, a bill that supports pro-democracy protesters in Hong Kong by placing the city’s special trading status with the U.S. under annual review. It is unclear whether the House of Representatives would pass the deal, and whether Trump would sign it at a key moment in the trade negotiations. Trump has told Xi he would not criticize China over Hong Kong.

U.S. industrial production dropped 0.8% in October, the largest decline since May 2018. It was the third decline in output in the past four months and was steeper than Wall Street expected. The United Auto Workers’ strike at General Motors reduced auto production by 7.1%, a significant drag on the overall number. Even excluding autos, industrial production was down 0.5%.

American consumers continued to prop up the economy. Retail sales increased 0.3% in October, rebounding from September’s 0.3% decline. Most of the sales gains came from auto dealers, gas stations and online shopping, while other retailers posted softer results. On a year-over-year basis, retail sales were up 3.1%, down from a 4.1% increase in September.

Write to Evie Liu at evie.liu@barrons.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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