Stocks edged up for a fourth straight day to score another round of records Wednesday, supported by rosier U.S. economic data and ongoing hopes for a U.S. - China trade deal, but Wall Street trading volumes were thinner than usual ahead of the Thanksgiving Day holiday Thursday.
U.S. consumer spending rose in October for the eighth month in a row, a potentially good sign for the holiday shopping season that gets underway after Thanksgiving with Black Friday specials. “We can be thankful that the economy is still in a good place with economic growth a little better, a rebound in business durable equipment expenditures, and a sharp decline in joblessness which together tell the story that recession is nowhere to be seen and should not be on anyone’s radar in 2020,” MUFG chief economist Chris Rupkey said.
“Is a phase one deal practically priced in by now, and are we therefore looking at a potential ‘buy the rumor sell the fact’ reaction once it’s wrapped up?” he asked. Under Armour Inc. UAA, +6.17% rose more than 6% after it was upgraded to strong buy from outperform at Raymond James based on sales of new products and an upbeat outlook about the federal accounting investigation now underway.
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