Wall Street Close: Investors shrug-off poor US data/Trump impeachment, stocks end higher
- DJIA advanced 138 points, or 0.5%, to finish around 28,377.
- S&P 500 closed up by 0.4% to end near 3,205.
- Nasdaq Composite also added 0.7% to end around 8,887.
Wall Street was mixed on Thursday although all three benchmarks were making gains and fresh record highs, which the S&P crosses the 32,00 for the first time in history after correcting the post-US data drop.
The bulls remain ina state of euphoria following the news of a so-called 'phase-one' deal being agreed between the US and China. Despite poor US data, the three benchmarks went on to close higher. The S&P 500 closed up by 0.4% to end near 3,205 while the Dow Jones Industrial Average, or DJIA, advanced 138 points, or 0.5%, to finish around 28,377. The Nasdaq Composite also added 0.7% to end around 8,887, logging its sixth straight record close.
US data disappoints, markets shrugged it off
Analysts at ANZ noted that the Philadelphia Fed Business Outlook for December was weaker than expected, with the headline falling to 0.3 (versus 8.0 expected) – the weakest reading since June.
"The details were mixed, with the employment component falling but new orders ticking up. Initial claims fell, but came in a bit higher than expected at 234k. Home sales were also weak."
Markets ignore Trump's impeachment
Meanwhile, the impeachment proceedings in Washington were ignored as investors prefer to pay closer attention to the Chinese Ministry of Commerce said Thursday that it remains in contact with the US as the text of the deal is drafted. It is highly unlikely that the Senate would convict Trump in any case. The Republican majority could even end the trial early without witness testimony. Democrats and Republicans must now agree how the Senate trial will be held. Democratic House Speaker Nancy Pelosi has suggested the House could delay sending the articles of impeachment to the Senate and that could put off the trial for an indefinite period, denying Mr Trump his expected acquittal.
DJIA levels