Wall Street capped a record-setting week Friday with a few more records: Modest gains nudged the major U.S. stock indexes to new all-time highs.
The latest batch of positive corporate earnings reports and economic data helped keep investors in a buying mood after the midweek signing of an initial U.S.-China trade deal. Progress on trade has eased fears on Wall Street about the potential for the dispute to escalate further.“The markets have responded really to one thing, and that’s trade headlines, and that continues,” said Nela Richardson, investment strategist at Edward Jones.
Still, the possibility that U.S. trade tensions could heat up again — whether against China or the European Union — as well as the uncertainty brought by the U.S. presidential election, could result in heightened volatility for stocks this year, Richardson said. Expeditors International of Washington shares fell 5.6% after the company warned investors about a weak fourth quarter. JB Hunt Transport Services dropped 4.2% after reporting a disappointing fourth-quarter profit.
Yay for rich people!
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