Wall Street just hit new record highs—here’s why: by skleb1234
Major stock market indexes hit fresh highs on Wednesday, as improved U.S. economic growth in the third quarter, solid consumer spending last month and renewed optimism on Wall Street over a trade deal with China have all dampened fears of a recession.
The S&P 500 was up 0.27% while the Dow Jones Industrial Average rallied 0.19%, helping both indexes continue a record-setting run that has seen several new highs over the past month. , suggesting that the economy will continue its moderate pace of expansion in the fourth quarter.in the third quarter—up from a previous reading of 1.9%, and also indicated that the slowdown in business investment could be stabilizing.by a rise in U.S.
The robust economic data added to rising optimism on a trade deal with China, thanks to Trump’s comments on Tuesday that the U.S. was in the “To add to the market’s recent rally, third quarter corporate earnings have come in better than expected: Of the 484 companies in the S&P 500 that have reported earnings, 75% have beaten estimates, compared to 18% that have missed, according to Refinitiv data .So far this year, the S&P 500 is up about 25%, while the Dow has risen nearly 21%.
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