NewsBreak: Wall Street Rises; Disney, Powell Offset China Trade Worries

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Investing.com – Stocks were rising modestly Wednesday on gains for Walt Disney (NYSE:) and Federal Reserve Chairman Jerome Powell’s assertion that the central bank can leave interest rates alone for a while. But concerns about the China-U.S. trade dispute was keeping gains in check.

  • Disney’s (NYSE:) gain of more than 4.6%, was worth more two-thirds of the Dow’s 0.3% gain on the day after reporting 10 million users of its new Disney+ streaming service. Also boosting the blue-chip index were Procter & Gamble (NYSE:), Nike (NYSE:) and Apple (NASDAQ:).
  • The was up 0.14%, with the and indexes up a small 0.07% each.
  • Powell told the Congress’ Joint Economic Committee that he remains comfortable with the Fed’s key federal funds rate at 1.5% to 1.75%. The rate nicely supports an economy with low unemployment and low inflation, he said. He did warn that sky-high deficits were unsustainable. Investing.com’s sees almost no chance of a rate change at the Fed’s December meeting, with rates likely to remain stable until at least spring.
  • The China-U.S. trade fight was looming over the market after The Wall Street Journal reported that Chinese insistence that existing tariffs on Chinese imports be removed is proving a big challenge in getting the two sides to commit to a phase one agreement. The tariff issue has been dogging the negotiations for months.
  • Oil prices were higher, but interest rates were moving lower.
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