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Dow joins S&P 500, Nasdaq at record highs

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Dow joins S&P 500, Nasdaq at record highs

Dow joins S&P 500, Nasdaq at record highs

The Dow set a record closing high, joining the S&P 500 and the Nasdaq in doing so amid optimism surrounding corporate earnings and 'phase one' of the U.S.-China trade deal.

Conway G.

Gittens reports.


Dow joins S&P 500, Nasdaq at record highs

The Dow joined the S&P 500 and the Nasdaq in setting new record highs on Monday.

But investors were far from jumping into the market with both feet as gains were modest across the board.

Economic data may have limited the rally.

U.S. factory orders saw a bigger-than-expected drop in September, in a sign the manufacturing sector remains weak.

On the flip side, Wall Street was upbeat on hopes the so-called phase one trade deal between the U.S. and China was moving along.

Commerce Secretary Wilbur Ross added to optimism by hinting over the weekend that U.S. companies may soon be able to sell components to Chinese telecom giant Hauwei, lifting a ban that's been in place since May.

Suppliers to Huawei, particularly semiconductors were strong on the back of that news.

Sticking with company news: shares of McDonald's fell after CEO Steve Easterbrook, the architect of much of the fast-food giant's recent success, was fired for having a consensual relationship with an employee.

Meanwhile, shares of Under Armour had their worst day in two years.

Not only did the company lower its full-year guidance, it confirmed it's the target of a federal probe into its accounting.

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