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US STOCKS-S&P 500 hits fresh record high as Pence sparks trade optimism

Published 06/21/2019, 11:53 PM
Updated 06/22/2019, 12:00 AM
US STOCKS-S&P 500 hits fresh record high as Pence sparks trade optimism
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* Pence delays speech amid "positive signs" on talks - WSJ
* Trump warned Tehran of imminent attack
* Energy companies gains as crude prices move higher
* Indexes up: Dow 0.45%, S&P 0.23%, Nasdaq 0.14%

(Updates prices, comments)
By Amy Caren Daniel and Shreyashi Sanyal
June 21 (Reuters) - The S&P 500 hit a new all-time high on
Friday, as U.S. Vice President Mike Pence's decision to defer a
planned speech on China policy rekindled optimism over trade
talks between the world's two largest economies.
The decision was taken amid "positive signs" that trade
talks with China could be back on track, the Wall Street Journal
reported, citing a senior administration official. The three main indexes were trading in a tight range rose on
the report, with the benchmark S&P 500 index .SPX hitting an
intraday high of 2,964.15, a day after closing at a record
2,954.18.
The United States and China have said that they would
restart their trade talks after a long lull at the Group of 20
summit in Japan next week.
"Investors are cautiously optimistic about the G20 summit.
If they make progress then markets will celebrate that," said
Michael Antonelli, market strategist at Robert W. Baird in
Milwaukee.
Stocks had their worst monthly performance this year in May
on fears of the impact of the prolonged trade war on global
economic growth.
Markets opened lower following an escalation in tensions in
the Middle East after President Donald Trump delivered a warning
to Iran of an imminent attack after Teheran downed a U.S. drone.
The possibility of a disruption of oil flows if the U.S.
attacks Iran fueled a 1% rise in crude prices and pushed the
energy sector .SPNY 1.05% higher. O/R
At 11:24 a.m. ET, the Dow Jones Industrial Average .DJI
was up 120.71 points, or 0.45%, at 26,873.88, the S&P 500 .SPX
was up 6.83 points, or 0.23%, at 2,961.01. The Nasdaq Composite
.IXIC was up 10.99 points, or 0.14%, at 8,062.33.
Trade-sensitive industrials .SPLRCI rose 0.1%, while the
technology sector .SPLRCT traded 0.1% higher.
Carnival Corp CCL.N fell for the second day, down 4.94%,
and among the biggest decliners. Several brokerages trimmed
their price targets after the cruise operator cut its 2019
profit forecast.
Declining issues outnumbered advancers for a 1.26-to-1 ratio
on the NYSE and for a 1.41-to-1 ratio on the Nasdaq.
The S&P index recorded 31 new 52-week highs and two new
lows, while the Nasdaq recorded 32 new highs and 44 new lows.

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