New intraday highs for 3 averages

New intraday highs for 3 averages

Dow Jones Industrial Average rose 23 points

The Dow was up about 23.87 points or 0.08% to 28,645.26, while the S&P 500 was unchanged at 3,240.02, notching its fifth straight week of gains. The Nasdaq Composite slipped 0.17% to 9,006.62. Three major averages all hit new intraday highs in the session.

Best year since 1997?

A year-end rally in December has already ushered the U.S. equity indexes to historic levels and within reach of the market’s best calendar year in more than two decades.

The S&P 500, up already 29.3% in 2019, is inches away from reaching historic proportions. The benchmark will post its best year since 1997 with an annual gain of more than 29.6%.

Solid China data

Investors cheered data overnight that showed a solid rebound for industrial profits in China. The solid read came after the U.S. and China announced they have reached a phase one trade agreement earlier this month. The two sides are in the middle of translating and formalizing the deal. President Donald Trump said Tuesday there will ultimately be a signing ceremony with Chinese leader Xi Jinping, adding a quicker signing will happen soon.

What’s next?

Investors will monitor home sales and regional manufacturing data on Monday. Here’s what to watch next.

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