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  3. US markets end higher at record highs on Tuesday

US markets end higher at record highs on Tuesday

18 Dec 2019 Evaluate

The US markets ended higher at record highs on Tuesday supported by positive economic data and relief over a truce in President Trump’s trade war with China. The US said China agreed to increase imports of goods in 2020 and 2021 by a total of $200 billion more than the total in 2017, including about $40 billion of US farm goods. The deal also included Chinese action to protect American intellectual property and vague assurances not to manipulate its currency. On the economic data front, new residential construction in the US soared by more than expected in the month of November, according to a report released by the Commerce Department. The report said housing starts surged up by 3.2 percent to an annual rate of 1.365 million in November after spiking by 4.5 percent to a revised 1.323 million in October. Street had expected housing starts to jump by 2.4 percent to a rate of 1.345 million from the 1.314 million originally reported for the previous month.

Housing starts rose for the second straight month following a sharp pullback in September, climbing back near the twelve-year high of 1.375 million set in August. Single-family housing starts shot up by 2.4 percent to a rate of 938,000 in November, while multi-family starts spiked by 4.9 percent to a rate of 427,000. Meanwhile, the Federal Reserve released a report showing US industrial production rebounded by more than expected in the month of November. The report said industrial production jumped by 1.1 percent in November after tumbling by a revised 0.9 percent in October. Street had expected industrial production to climb by 0.8 percent compared to the 0.8 percent slump originally reported for the previous month. The bigger than expected rebound came as manufacturing output surged up by 1.1 percent after falling by 0.7 percent for two straight months.

Dow Jones Industrial Average gained 31.27 points or 0.11 percent to 28267.16, Nasdaq added 9.13 points or 0.10 percent to 8823.36 and S&P 500 was up by 1.07 points or 0.03 percent to 3192.52.

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