US stocks rose over the week on optimism on the direction of US/China trade talks, hitting new record highs. The S&P 500 rose 1.0% and Dow gained 0.8% for the week. Abroad, the FTSE All-World Ex-US was up 0.2% for the week. The 10-year Treasury yield was flat over the week finishing at 1.78%.
China’s Commerce Ministry issued a statement saying the US and China “reached a consensus on properly solving related issues,” upbeat language that progress was being made in trade talks.
Third-quarter US GDP was revised up to 2.1% from 1.9%.
October US durable goods orders rose more than expected.
Consumer spending rose 0.3% in the US in October from September.
A measure of Chinese factory activity unexpectedly expanded in November after six months of contraction.
LVMH is acquiring Tiffany & Co. for $16 billion.
Schwab has agreed to buy TD Ameritrade for $26 billion.