Dow Hits Record in Quiet Session

Date : 11/11/2019 @ 9:53PM
Source : Dow Jones News

Dow Hits Record in Quiet Session

By Avantika Chilkoti and Akane Otani 

The Dow Jones Industrial Average eked out a gain in a quiet trading session Monday, notching its ninth record close of the year.

With the bulk of third-quarter earnings results out, investors' attention has lately turned back to the U.S. and China's trade talks.

After some optimism around the prospects of a "phase one" trade deal last week, some analysts like Mike Bell, global market strategist at J.P. Morgan Asset Management, have flagged concerns that investors could be disappointed by the scope of any agreement.

"The fundamental trade tension between the U.S. and China is unlikely to go away in a hurry, and I think the problem with calling it a 'phase one' trade deal is that it then implies there will be a 'phase two' trade deal," Mr. Bell said.

The blue-chip average rose 10.25 points, or less than 0.1%, to 27961.49, erasing earlier losses. The S&P 500 fell 6.07 points, or 0.2%, to 3087.01 and the Nasdaq Composite declined 11.04 points, or 0.1%, to 8464.28.

Corporate news drove stock swings on an otherwise quiet trading day. The U.S. bond market was closed in observance of Veterans Day.

T-Mobile shares slipped $1.32, or 1.6%, to $79.62 after The Wall Street Journal reported that WeWork is in talks with the company's chief executive John Legere to take over leadership of the office-sharing startup.

Boeing jumped $15.96, or 4.5%, to $366.96 after the aerospace giant said it expects to resume deliveries of its 737 MAX next month. Gains in the stock added more than 100 points to the Dow industrials.

Earlier, Hong Kong's Hang Seng benchmark closed down 2.6%, the fourth-biggest drop of the year, after police fired gunshots at protesters and demonstrations across the city forced schools and offices to close early.

"It's very concerning today," said Weiqi Zhu, a fund manager at Gao Zheng Asset Management, adding that political uncertainty was putting off investment in Hong Kong. "The violence is up to another stage now."

The continuing protests have triggered similar selloffs this year, including in August when demonstrators paralyzed the airport, one of the world's busiest travel hubs. The Hang Seng Index is one of the weakest major stock-market performers this year, up 4%, compared with double-digit gains elsewhere in Asia, the U.S. and Europe.

In mainland China, the Shanghai Composite fell 1.8%. Consumer inflation data out over the weekend showed prices soared in October to the highest level in more than seven years, fueled by a continued surge in pork prices. Analysts said the new data reduced the chances of further monetary easing in China, at least in the coming months.

The Stoxx Europe 600 fell less than 0.1%. Mining stocks, which are often sensitive to changes in Chinese macroeconomic policy, were among the weaker performers Monday, with Glencore losing 3.5% and BHP down 2%.

In currencies, the British pound was up 0.6% against the U.S. dollar after Nigel Farage's Brexit Party said it won't contest Conservative-held seats in the December election. The move could make it easier for current Prime Minister Boris Johnson to obtain a majority in the election.

Steven Russolillo contributed to this article.

Write to Avantika Chilkoti at and Akane Otani at


(END) Dow Jones Newswires

November 11, 2019 16:38 ET (21:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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