Thursday, November 14, 2019
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Market Digest Online THURSDAY, NOVEMBER 14, 2019: The Dow Jones Industrial Average hit an all-time high on Wednesday as Disney shares popped while investors digested testimony from the top-ranking Federal Reserve official. The 30-stock average closed 92.10 points higher, or 0.3% at 27,783.59, notching intraday and closing records. Disney jumped 7.4% after the media giant said its Disney+ streaming service got more than 10 million sign-ups after launching on Tuesday.

Meanwhile, the S&P 500 eked out a record closing high, its 20th of the year, ending the day up 0.1% at 3,094.04. The Nasdaq Composite, however, closed just below the flatline at 8,482.10.

Gains were capped after Dow Jones reported U.S.-China trade talks have hit a snag over agricultural purchases. The report also said Beijing is resisting requests from the U.S. to curb tech transfers as well as enforcement mechanisms. China is also reportedly balking at commitments to specific farm purchases from the U.S. The major indexes quickly pared gains following the report but later regained their footing.

Wednesday’s news comes a day after The Wall Street Journal reported, citing people familiar with the talks, that both sides where at an impasse on whether the U.S. should remove existing tariffs or would only cancel duties that are set to take effect on Dec. 15. It also follows President Donald Trump telling the Economic Club of New York on Tuesday that China was "dying" to make a trade deal.

On the data front, the U.S. consumer price index rose more than expected in October. The index increased by 0.4% last month, the Labor Department said. Economists polled by Reuters expected a gain of 0.3%.

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