Stocks move higher in Toronto as financials, industrials and materials rise

A woman walks by an electronic stock board of a securities firm in Tokyo Tuesday Nov. 5 2019. Asian shares have advanced after the Dow Jones Indust

Donald Straszheim, Evercore ISI head of China research, said Wednesday Xi is not coming to the U.S.as "mistrust dominates".

The Dow Jones Industrial Average and the Nasdaq composite both closed at fresh record highs Tuesday, while the S&P 500 fell slightly but is still up for the week. Such data has been closely examined for evidence that US consumers are remaining resilient in the face of a manufacturing slowdown.

According to the Financial Times, China has requested that the United States eliminate a portion of the tariffs on Chinese imports implemented since the trade war began a year ago. "It's just another leg towards a potential agreement".

If everything goes off without a hitch, the phase one deal - which officials have said could be signed as early as November - might cover more ground than it appeared to when negotiators first sketched an outline in Washington last month. The drop could be a sign that after a period of nervousness about the economy, when the market responded positively to unexpected signs of strength, investors are returning to interpreting a positive economic surprise as an indication the Federal Reserve might be less likely to cut interest rates, said Mark Hackett, chief of investment research at Nationwide. Over time, increased hiring tends to fuel consumer spending, which, in turn, could help lift corporate earnings and share prices.

The Institute for Supply Management's nonmanufacturing index was 54.7 in October versus 52.6 the prior month, a higher increase than expected by economists surveyed by The Wall Street Journal.

He said that should help reduce the uncertainty over tensions between the world's two largest economies that has roiled markets.

MSCI's gauge of stock indexes in 47 countries edged lower by 0.01%.

On Wall Street, futures for the benchmark Standard & Poor's 500 and Dow Jones Industrial Average were up just under 0.1%.

The broad-based S&P 500 dipped 0.1 per cent to 3,074.66, while the tech-rich Nasdaq Composite Index was little changed at 8,434.68. It was only a token 5 basis points to 3.25%, but it underscored Beijing's desire to support the economy.

Yields moved in the price direction while higher yields allowed banks to charge interest rates on loans that are more lucrative.

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Brent crude, the global standard, rose 48 cents to $62.61 per barrel.

ENERGY: Benchmark U.S. crude lost 20 cents to $57.03 per barrel in electronic trading on the New York Mercantile Exchange.

The safe-haven yen and Swiss franc slid.

The dollar index .DXY rose 0.43%, with the euro EUR= down 0.48% to $1.1073. Gold futures lost 1.63% to $1,486 an ounce and silver futures fell 2.47% to $17.62 an ounce.

The Treasury held an auction for 52-week bills at a rate of 1.565% and three-year notes at a rate of 1.630%.

ENERGIZED CYLICALS: Other cyclical sectors, such as energy and industrials, were also ahead of the pack.

A steady rise in bond yields has been a big tailwind for financial stocks and one of the biggest contributors to the continued strength in equities, James said.

It's the market that continues mostly upward, even though there's still plenty to worry about.

The S&P 600 closed at 990.18 for a gain of 1.37 points or 0.14%.

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