Wall Street sets fresh records

Agence France-Presse · Dec 16, 2019, 11:27 PM

The Wall Street Journal reported Sunday that US aviation giant Boeing could disclose as soon as Monday whether it will slow or suspend 737 MAX production as the aircraft’s future is increasingly uncertain.

New York, United States — All three main US stock indexes drifted into record territory early Monday as investors absorbed a new US-China trade deal and Beijing released some upbeat economic data.

Shares in Boeing were lower, however, following reports the company may slow or halt production of its 737 MAX jets as the timetable for getting them back in the air stretches out.

About 20 minutes into the day’s trading session, the benchmark Dow Jones Industrial Average was up 0.6 percent to 28,312.55.

The broader S&P 500 rose 0.7 percent to 3,191.82 while the tech-heavy Nasdaq gained 0.9 percent, rising to 8,813.25.

US and Chinese officials on Friday announced a partial trade deal, with Washington canceling and reducing tariffs in exchange for Chinese pledges to increase purchases of US exports and reform its trade practices.

In a television appearance on Sunday, US Trade Representative Robert Lighthizer said the deal was “totally done” and would be signed pending translation and legal reviews. Officials expect it to be signed in the first week of January.

Market watchers said investors may be largely discounting the chances the process could take a now turn for the worse.

“A deal must still be signed, including an agreement over a translated text, but the market is evidently optimistic that the deal will get finalized in early January as planned,” analysts at Briefing.com wrote.

Meanwhile, officials in Beijing released data showing China had had a better-than-expected pickup in the retail and industrial sectors in November, a spot of good news at the close of a difficult year for the world’s second-largest economy.