November 26, 2019 / 5:44 PM / 16 days ago

US STOCKS-Trade, Disney propel Wall Street to new record high

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* Best Buy jumps on solid holiday-quarter profit forecast

* Disney gains on bullish streaming service signups report

* Dollar Tree slumps on dour forecast as tariffs weigh

* Consumer confidence in November weaker than expected

* Indexes up: Dow 0.16%, S&P 0.19%, Nasdaq 0.21% (Changes comment, updates market action)

By Arjun Panchadar

Nov 26 (Reuters) - Wall Street’s three main indexes hit all-time highs on Tuesday, as comments by President Donald Trump on trade as well as gains for Disney and Best Buy countered weak consumer confidence data.

The United States was in the “final throes” in its attempt to reach a deal with China, Trump said, although he added Washington stood with protesters in Hong Kong, a sore point with Beijing.

Walt Disney Co gained 2.1% after a report that its streaming service was averaging nearly a million new subscribers a day. The stock propped up the Dow Jones Industrial Average and the benchmark S&P 500.

Rising trade truce expectations, upbeat domestic economic data and robust third-quarter earnings have put the market back on an upward track after a torrid summer.

“When you take a look at all the (trade) comments that have come out, the markets have reacted a little bit to it, but it certainly creates a positive bias,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

“The second part is that Thanksgiving week tends to be positive for stocks as well.”

A third interest rate cut by the Federal Reserve this year has also played a role in boosting risk appetite, and Fed Chair Jerome Powell said on Monday monetary policy was “well positioned” to support the strong labor market.

However, doubts over the strength of the U.S. consumer linger and data on Tuesday showed the Conference Board’s U.S. consumer confidence index missed analysts’ projections.

Nine of the 11 major S&P 500 sectors were higher. The consumer discretionary sector rose 0.66% and was the biggest boost, powered by a 10.4% jump in shares of Best Buy Co Inc following a strong holiday-quarter profit forecast.

But Dollar Tree Inc tumbled 15.3% after it projected holiday-quarter profit below estimates, signaling the fallout from the trade dispute.

Best Buy was the top gainer on the S&P 500, while Dollar Tree was the biggest drag on the S&P and the Nasdaq.

At 11:58 a.m. ET, the Dow Jones Industrial Average was up 43.60 points, or 0.16%, at 28,110.07, while the S&P 500 was up 5.91 points, or 0.19%, at 3,139.55. The Nasdaq Composite was up 18.50 points, or 0.21%, at 8,650.99.

Among other stocks, Hewlett Packard Enterprise Co fell 9.6% as the enterprise software maker missed fourth-quarter revenue estimates.

Advancing issues outnumbered decliners by a 1.31-to-1 ratio on the NYSE and by a 1.16-to-1 ratio on the Nasdaq.

The S&P index recorded 28 new 52-week highs and no new low, while the Nasdaq recorded 91 new highs and 47 new lows. (Reporting by Arjun Panchadar and Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)

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