Dow Jones Industrial Average rises 92 points
The Dow gained 92.10 points, or 0.33%, to close at 27,783.59. The S&P 500 climbed 0.07% to end the day at 3,094.04. The Nasdaq Composite fell 0.05% to 8,482,10. Disney lifted the Dow to a fresh record but worries around trade kept the broader market in check.
Trade talks hit snag
CNBC’s Kayla Tausche, citing people familiar with the matter, reported that the U.S. is trying secure stronger concessions on intellectual property theft and curb forced tech transfers in exchange for a rollback in tariffs. The Wall Street Journal first reported that talks between the two sides hit a snag, leading the major averages to pare earlier gains. Disney’s strong performance — along with positive testimony from Federal Reserve Chairman Jerome Powell on the economy — helped the market keep its composure amid the latest trade news. However, with the averages trading around record highs, any further deterioration in trade negotiations could lead investors to quickly book profits and send the market sliding.
Disney jumps, SmileDirectClub plummets
Disney shares jumped 7.32% after the media giant said Disney+, its video-streaming service, got more than 10 million sign-ups after launching. SmileDirectClub plunged 20.31% after the online dentistry company posted its first quarterly results since going public in September.
What happens next?
Investors will turn their attention on Thursday to even more Fed speak, with seven central bank officials scheduled to deliver remarks. Powell is also set to testify for a second day. Walmart, Viacom, Nvidia and Applied Materials are among the companies scheduled to report earnings on Thursday. Read more here.