Finally, the Dow Jones Industrial Average index tapped new record highs! The index rallied to peak at 28,145.4 before ending the day 0.20% or 55.2 points higher at 28,121.7.
Disney gave the Dow Jones a boost early into trading on analysts’ forecast that the stock could hit $175 per share. On top of that, the media company’s streaming service, Disney+, is reportedly averaging 1 million new subscribers daily. It’s new movie, Frozen 2, also raked in $350 million when it opened last weekend. Disney was up around 1.6% before it closed at $151.64 with a 1.30% uptick.
Other top gainers were Merck which gained 1.91% at $87.34 and Procter & Gamble which was 1.45% higher at $122.26.
It also helped that US President Donald Trump hinted that a phase one deal could be announced soon. His remarks followed the news from the Asian session yesterday in which the Chinese Commerce Ministry said that both sides have reached a consensus in terms of dealing with core issues.
Today, a slew of economic data from the US are scheduled for release. The biggest will be the preliminary reading of the third quarter GDP at 1:30 pm GMT. A reading higher than the 1.9% consensus could help the Dow Jones sustain its rally above the 28,000 psychological handle.
On the other hand, disappointing data could push the stock index back to support at the rising trend line around 27,800 where the index previously hit highs.Download our latest quarterly market outlook for our longer-term trade ideas.