Market Roundup: New Record Highs on Strong Jobs Report and Third-Quarter Earnings

Published: Nov. 4, 2019, 9:16 p.m.

Indices ended Monday’s session with gains as the S&P 500 Index closed at a new record high. Stocks stepped up on progress with U.S.-China trade talks when the White House hinted that the Phase One trade deal could be signed next month. Although both the Dow Jones Industrial Average and NASDAQ Composite rallied as well, they remained a few hundred points from reaching new highs. Tuesday reversed course when the session ended in red territory. The S&P 500 hit an intraday record level before slipping on weakness in some of the big Technology sector stocks. The equity markets turned higher after the Federal Reserve’s announcement to cut interest rates by another 0.25% Wednesday. The Dow closed up 115 points, the S&P 500 was up 10 points, and the NASDAQ closed ahead 27 points. Overall, Utilities and Healthcare sector stocks moved higher while Basic Materials moved lower. In economic news, ADP reported the economy added 125,000 private-sector jobs in October, well ahead of consensus expectations. Trade war concerns weighed on the market Thursday as all three major indices lost ground. Furthermore, Treasury bond yields fell as investors rushed to the safe-haven asset. The major indices celebrated the beginning of November Friday and headed squarely into record territory, likely propelled by a strong Jobs report confirming the ADP Report strength on Thursday. The Bureau of Labor Statistics reported the country added 128,000 jobs in October, well exceeding estimates. The Dow finished the day with a gain of just over 1.1%. Setting new record highs, the S&P 500 was up by 26 points, and the NASDAQ tacked on 94 points.