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Shares rose on Tuesday (December 11th) as investors reacted to progress in US-China trade talks, but remained nervous about the current political chaos surrounding the Brexit UK vote.
The Dow Jones Industrial Average rose 110 points, or 0.45%, to 24,533, the S & P 500 0.73% and Nasdaq 0.9%.
China's chief negotiator, Liu He, spoke on Monday night with US Treasury Secretary Steve Mnuchin to the Trade Representative Monday, the Chinese Ministry of Commerce said in a statement in a statement. a statement, in a statement. summit in Argentina.
"The two sides exchanged views on the implementation of the consensus reached by the leaders of the two countries at their meeting and on the progress of the timetable and the road map for the next stage of the work of the two countries. economic and trade consultations, "said the ministry.
Donald Trump said in a tweet on Tuesday that the talks with China were "very productive".
Very productive conversations with China! Watch for important announcements!
– Donald J. Trump (@realDonaldTrump) December 11, 2018
Meanwhile, British Prime Minister Theresa May fought for her political life Tuesday as she began a series of pleas for EU leaders to obtain additional assurances on an agreement on Brexit that has little support at home and little change from Brussels. May canceled a key parliamentary vote on Brexit scheduled on Tuesday because she knew the deal would have been rejected.
The November producer price index rose 0.1%, exceeding estimates by economists that did not include any changes in wholesale price inflation. Core PPIs, which exclude food and energy costs, increased 0.3%. The PPI has slowed over the past year from 2.9% to 2.5%.
Verizon Communications Inc. (VZ) announced Tuesday that the cost of its employee buyback plan will be in the range of $ 1.8 billion to $ 2.1 billion and will be recorded in the fourth quarter. In addition, Verizon announced that it would record a goodwill impairment charge of $ 4.6 billion on Oath, the company's media sector, as a result of a review of the transaction.
Verizon shares rose 1.5%.
Pfizer Inc. (PFE) shares fell 1.1% to $ 43.90 on Tuesday after JPMorgan analysts downgraded their drug maker rating to concerns over the loss of market exclusivity. one of his main pain treatments.
Under Armor Inc. (UAA) rose 0.3% after ousting two long-time sports marketing executives associated with chief executive Kevin Plank, the Wall Street Journal reported, after an internal review of their department's spending by clothing brand.
Ryan Kuehl, senior vice president of global sports marketing, and Walker Jones, senior director of sports marketing, were both removed from office last week, people familiar with the case said. The management questioned how the two men ran the sports marketing department and that some of their expenses were appropriate, he told the Review.
Stitch Fix Inc. (SFIX) lost 25.1% Tuesday, after the growth of its clientele has disappointed Wall Street.
Stitch Fix said it had 2.9 million active customers during its first fiscal quarter, using its subscription-based apparel services, an increase of 22 percent, but below analysts' forecasts, which are expected to have a negative impact. set at 2.95 million. The company also stated that the number of active customers would remain relatively stable during its second fiscal quarter compared to the first quarter.
DSW Inc. (DSW) jumped 7.1% after the shoe retailer posted third-quarter earnings higher than expected and lifted its guidance for the year.
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