Major US stock indexes hit records
More encouraging signs that trade talks between the U.S. and China are on track kept investors in a buying mood Tuesday, nudging the major stock indexes to record highs for the second straight day.
Retailers and other companies that rely on consumer spending helped power the modest rally, which adds to the market’s solid start to the week. Only energy, banks and health care sector stocks ended with losses. Bond prices rose, sending yields lower.
Beijing said Tuesday that negotiators for both sides met earlier in the day and agreed to more talks aimed at reaching a deal. The latest development came a day after China announced new guidelines for the protection of patents and copyrights, which has been a key issue in the dispute.
Investors have grown more hopeful over trade negotiations as the world’s two largest economies continue to keep their rhetoric in check. That’s a clear difference from earlier this year, when a sharp comment from either side would seemingly silence any ongoing talks and worsen relations.
“Generally, you can kind of look at the commentary coming out and I’d say it leans in the direction of progress being made, albeit at a fairly slow pace,” said Jason Pride, chief investment officer of private wealth at Glenmede Trust.