Trade progress sends Dow, S&P 500 to record close

The Dow and S&P 500 set record closing highs on Thursday after China said it and the U.S. had agreed to remove tariffs in phases.

But market gains were capped after sources later told Reuters there is fierce opposition inside the White House to any rollback on tariffs on Chinese imports.

Dueling trade headlines is one reason why Krishna Memani, vice chair of investments at Invesco, says investors should not forget last week's decision from the Federal Reserve and how that created a reason to keep buying stocks.


"While everyone was focused on the rate cut, the real significant statement that the Fed made - and Jay Powell is in his press conference stated very, very clearly - they wouldn't even consider; think about it - they won't even consider raising rates until they saw persistent inflation. What they are saying is they are on hold for a very long period of time. That is far more important than anything else that has happened this year."

In company news, Qualcomm's stock rallied to a 20-year high. Investors are betting the wireless technology company will benefit as the industry shifts toward 5G technology.

But shares of Roku tumbled after posting a bigger net loss for the third quarter. The video tech company has been forced to spend more money to attract customers as new video streaming services from AppleTV+ and Disney+ come on line.

And it was a terrible day for the online travel companies Expedia and TripAdvisor. Expedia shares plunged 27 percent And TripAdvisor was down 22 percent. Disappointing quarterly results show both are being hurt by a shake-up in Google's search algorithm that's sending fewer online travelers their way.

After the bell, Disney beat sales and profit forecasts. Strong performance at its theme parks and at the box office offset all the major spending its done ahead of next week's launch of Disney+, its streaming video service.

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