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Market Wrap: Muted Response to Trade Progress, Goldman Sachs Note on Buybacks

Credit: The Street
Published on October 21, 2019 - Duration: 00:59s

Market Wrap: Muted Response to Trade Progress, Goldman Sachs Note on Buybacks

U.S. stocks were having a positive, if unspectacular, day of trading Monday as the U.S. and China supposedly make progress in trade talks.

The Dow was still being weighed down by Boeing , but the blue chip index was still able to end trading in the green Monday.

The Nasdaq and S&P had stronger days of trading and both finished well in positive territory.

The S&P closed above 3,000 for the first time since September 19.

Meanwhile at Goldman Sachs, analysts published a note saying that second quarter share buybacks from S&P 500 companies was down 18%.

The firm also expects that trend to continue with full-year forecasts of a 17% decline.

While companies spent just $161 billion in second quarter buybacks, last year companies announced a record $1.1 trillion in share buybacks.

That spending spree was spurred by the tax cuts signed by the Trump administration late in 2017.

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