Stock market news: November 12, 2019 – Yahoo Finance

Stocks held onto gains Tuesday as investors digested public remarks from President Donald Trump on the U.S. economy.

Earlier in the session, both the Nasdaq and S&P 500 clinched fresh record intraday highs. The blue-chip index reached as high as 3,102.61, up from its previous all-time high of 3,097.77 from Nov. 7.

Here were the main moves in markets, as of 12:22 p.m. ET:

• S&P 500 (^GSPC): +0.25%, or 7.74 points

• Dow (^DJI): +0.09%, or 24.92 points

• Nasdaq (^IXIC): +0.38%, or 31.96 points

• WTI crude oil prices: (CL=F): -0.00% to $57.86 per barrel

• Gold (GC=F): -0.3% to $1,452.80 per ounce

Trump began speaking in Manhattan at the Economic Club of New York shortly after noon ET.

Based on prepared remarks released by the White House Tuesday, Trump was expected to use the podium to tout the relative strength of the U.S. economy.

“Today, I am proud to stand before you as President to report that we have DELIVERED on our promises – and exceeded our expectations,” the remarks said, according to the release. “We have ended the war on American Workers, we have stopped the assault on American Industry, and we have launched an economic BOOM the likes of which we have never seen before!”

As Trump spoke, he also took to the podium with a fresh attack on the Federal Reserve. Trump has continuously called for the central bank to lower interest rates further to help stimulate the U.S. economy. Fed Chair Jerome Powell, for his part, has underscored the independence of the Fed from political pressures.

“We are actively competing with nations who openly cut interest rates,” Trump said. He cited other countries that have lowered rates, with some reaching the point of negative interest rates.

“Give me some of that,” Trump said. “Give me some of that money, I want some of that money. Our Federal Reserve doesn’t let us do it.”

The full speech is also anticipated to provide a forum for Trump to give an update on the progress of U.S.-China trade talks as the two sides pace toward a phase one agreement.

Trump has repeatedly touted progress for a partial trade agreement with China, but he’s also rebuffed reports that an early agreement would necessarily include a roll-back of the tariffs already in place. A hardline stance on keeping existing tariffs could jeopardize momentum in trade deal negotiations, with Beijing having repeatedly called for a removal of punitive duties as a contingency for a deal.

An interim trade agreement with China would not likely be finalized until December, as both sides work to come to a consensus on points of the partial agreement and a venue to meet to sign it. A November summit in Chile previously intended to serve as the the site for a meeting between Trump and China’s Xi Jinping was canceled in late October.

Elsewhere, a number of Federal Reserve officials are also scheduled to deliver public remarks Tuesday, including Richmond Fed President Tom Barkin, Philadelphia Fed President Patrick Harker and Minneapolis Fed President Neel Kashkari.

Their comments come a day before Fed Chair Powell is set to testify about the economy in a two-day session before Congress starting Wednesday.

Most investors on the Street believe Fed officials will stick to the narrative they put forward in their latest monetary policy statement in October. In this, the rate-setting committee suggested their three consecutive rate cuts this year would not likely continue with a fourth in December, as the committee “assesses the appropriate path of the target range for the federal funds rate.”

In the weeks since the last meeting, officials from the Chicago Fed President Charles Evans to San Francisco Fed President Mary Daly, suggested the current strength of the economy would not warrant further monetary policy accommodation.

As of Tuesday morning, markets priced in a 97% probability that the benchmark interest rate would remain at the current range of between 1.5% to 1.75% after the Fed’s December meeting.