US Stocks End Higher, GDP Better than Expected

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US Stocks End Higher, GDP Better than Expected

US stocks climbed slightly in the late trading with the renewed drop in oil prices dragging the energy shares down.

The Dow Jones Industrial Average gained 0.2% or 34 points to 17,852. The S&P 500 Index gained 0.1% or one point to 2,071 while the Nasdaq Composite Index climbed 0.2% or eight points to 4,762, as reported by The Wall Street Journal.

If the indexes remain at these levels, the S&P 500 and the Dow might clinch the fourth-straight closing record. The Dow might mark its 30th record and the S&P 500 might reach its 47th.

S&P 500 energy stocks dropped 1.5% as crude-oil futures dropped 2.2% to settle at $74.09 per barrel.

Data showed on Tuesday that the US gross domestic product grew at a 3.9% annual rate in Q3, above the 3.3% expected pace.

Jeffrey Yu, head of single-stock derivatives trading at UBS AG said, “It’s pretty slow. It’s unlikely there will be a significant move ahead of the holiday season.”

Portfolio manager at Bahl & Gaynor, Jim Russell, “The energy complex is so very important, not only to the US consumer, but Russia will be observing this meeting.”

He added, “My guess is the oil markets are holding their collective breath to see what the developments of the meeting are.”

CNBC quoted chief equity strategist, Terry Sandven said, “Confidence is still within a zone of okay, or consistent with levels we saw in September, and GDP was above expectations. The macro environment in the US continues to reflect a Goldilocks economy of moderate growth and contained inflation.”

Tiffany & Co shares climbed after jewelry reported revenue and earnings that missed the estimates and Campbell Soups rose after posting revenue and earnings beat.

Apple’s market capitalization reached $700 billion, a major milestone for CEO Tim Cook as the consumer technology company’s value has doubled during his three years at the helm.

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To contact the reporter of this story; Jonathan Millet at john@forexminute.com