The Dow Is Up 92 Points Because the Fed and Disney Are Both Happy -- Barrons.com
The Dow Is Up 92 Points Because the Fed and Disney Are Both Happy -- Barrons.com
DJ The Dow Is Up 92 Points Because the Fed and Disney Are Both Happy -- Barrons.com
道瓊斯指數上漲92點，因為美聯儲和迪士尼都很開心--Barrons.com
By Evie Liu
作者：Evie Liu
Fedspeak Day. The main U.S. stock indexes didn't stray far from the break-even line yet again on Wednesday. An earlier report said U.S.-China trade talks had hit another obstacle. Federal Reserve Chairman Jerome Powell signaled that monetary policy would likely remain on hold for now.
FedSpeech日。週三，美國主要股指再次偏離盈虧平衡線不遠。早些時候的一篇報道稱，美國和中國的貿易談判遇到了另一個障礙。美聯儲主席傑羅姆·鮑威爾暗示，貨幣政策可能暫時保持不變。
The Hang Seng Index tumbled 1.8% and is now 4% down for the week, as the chaos in Hong Kong worsened and antigovernment protesters paralyzed parts of the city for a third day. Disney stock (ticker: DIS) jumped after its streaming service hit 10 million subscribers in the first day after launch. In today's After the Bell, we...
恆生指數下跌1.8%，本週累計下跌4%，原因是香港的混亂局勢惡化，反政府示威者連續第三天使香港部分地區陷入癱瘓。迪士尼(股票代碼：DIS)在其流媒體服務推出第一天就達到1000萬訂户後，股價大幅上漲。在今天的《鐘聲之後》中，我們...
-- check on what's blocking the completion of a U.S.-China trade deal;
-- watch Fed Chair Powell talk about monetary policy again;
-- and ring an alarm on one of the closely watched sentiment indicators.
--檢查是什麼阻礙了美中國貿易協議的完成；
--觀看美聯儲主席鮑威爾再次談論貨幣政策；
--並對一個備受關注的情緒指標敲響警鐘。
No News is Good News
不聞兇訊便是吉
The Dow Jones Industrial Average added 92.10 points, or 0.33%, to close at a record 27,783.59, while the S&P 500 edged up 2.20 points, or 0.07%, to finish at 3094.04, which was also a record close. The Nasdaq Composite slipped 3.99 points, or 0.05%, to close at 8482.10 -- still its second-highest close in history.
道瓊斯工業股票平均價格指數上漲92.10點，收於創紀錄的27,783.59點，漲幅0.33%；標準普爾500指數小幅上漲2.2點，收於3094.04點，漲幅0.07%，這也是創紀錄的收盤點位。納斯達克綜合指數收於8482.10點，跌幅0.05%，仍為歷史第二高收盤點位。
The Wall Street Journal -- citing people familiar with the matter -- reported Wednesday that trade talks between the U.S. and China have hit another obstacle over farm purchases. The U.S. wants China to buy up to $50 billion in U.S. soybeans, pork, and other agricultural products annually. But, according to the report, Beijing is hesitant about committing to a number in the text of a potential agreement, and wants to have a way out should trade tensions escalate again.
《華爾街日報》週三援引知情人士的話報道説，美國和中國之間的貿易談判在農產品收購問題上又遇到了障礙。美國希望中國每年購買多達500億美元的美國大豆、豬肉和其他農產品。但是，根據這份報告，北京方面對在潛在協議文本中承諾一個數字猶豫不決，並希望在貿易緊張局勢再次升級的情況下有一條出路。
Agriculture purchases aren't the only roadblock in the two countries' efforts to lock down a partial trade deal. There have been reports that the U.S. is considering rolling back some existing tariffs on Chinese imports as a part of the deal, but President Donald Trump later denied it.
農產品採購並不是兩國達成部分貿易協議的唯一障礙。有報道稱，作為協議的一部分，美國正在考慮取消對中國進口商品的一些現有關税，但總裁後來否認了這一説法。
While uncertainty remains, U.S. importers seem to be betting that the 15% tariffs on Chinese-made goods -- set to go into effect on Dec. 15 -- will be canceled. The executive director of the Port of Los Angeles -- the top seaport for U.S. trade with China -- told Reuters that importers weren't stockpiling goods ahead of planned tariffs as they did last year to avoid such duties.
儘管不確定性依然存在，但美國進口商似乎押注的是，將於12月15日生效的對中國製造商品徵收的15%關税將被取消。洛杉磯港高管董事對路透社説，進口商沒有像去年那樣在徵收關税之前囤積貨物，以避免徵收此類關税。洛杉磯港是美國與中國之間貿易往來最大的海港。
Elsewhere, Fed Chair Powell stuck to his existing view on the U.S. economy in Congressional testimony on Wednesday. The U.S. economy is in a "very good place," he said, with unemployment at near-50-year lows and inflation just under the Fed's 2% target.
在其他方面，美聯儲主席鮑威爾週三在國會作證時堅持他對美國經濟的現有觀點。他説，美國經濟處於“非常好的位置”，失業率處於近50年低點，通脹率略低於美聯儲2%的目標。
Indeed, data released on Wednesday suggests that inflation remained low and stable in October. The consumer-price index edged up 0.4% from the previous month, with energy accounting for more than half the increase. Over the past 12 months, the cost of living edged up 1.8%, well below last year's peak of nearly 3%.
事實上，週三公佈的數據表明，10月份的通脹率保持在低位且穩定。消費者價格指數較上月小幅上漲0.4%，其中能源佔漲幅的一半以上。過去12個月，生活成本小幅上漲1.8%，遠低於去年近3%的峯值。
Powell reiterated that the current monetary policy is appropriate and likely to remain on hold, as long as data continue to support the outlook. Weakness in global trade has weighed on business investment and exports, he said, and the central bank will continue to monitor risks.
鮑威爾重申，只要數據繼續支持前景，當前的貨幣政策是適當的，而且可能會繼續按兵不動。他説，全球貿易疲軟拖累了企業投資和出口，央行將繼續監控風險。
The central bank has reduced the federal funds target rate by 75 basis points this year to a range of 1.50%-1.75%. The probability of an interest-rate cut at the Fed's December meeting has faded to under 4%, according to the CME FedWatch site.
央行今年已將聯邦基金目標利率下調75個基點，至1.50%-1.75%的區間。根據芝加哥商品交易所FedWatch網站的數據，美聯儲12月會議上降息的可能性已降至4%以下。
With the major indexes hovering around record highs, a trade deal seemingly under way (for the moment), and appropriate monetary policy, the percentage of stock bulls pushed up to its highest level since mid-July, according to a closely watched investor survey from Bank of America Merrill Lynch. It's worth noting, though, that sentiment is often viewed as a contrarian indicator of the market's future direction. So sit tight.
美銀美林(Bank Of America Merrill Lynch)一項受到密切關注的投資者調查顯示，隨着主要股指徘徊在創紀錄高位附近，一項貿易協議似乎正在進行(目前)，以及適當的貨幣政策，看漲股票的比例推高至7月中旬以來的最高水平。然而，值得注意的是，這種情緒通常被視為市場未來走向的反向指標。所以坐着別動。
Write to Evie Liu at evie.liu@barrons.com
寫信給Evie Liu，電子郵件：evie.liu@Barrons.com
(END) Dow Jones Newswires
(完)道瓊斯通訊社
November 13, 2019 17:41 ET (22:41 GMT)
2019年11月13日美國東部時間17：41(格林尼治標準時間22：41)
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