US stocks add to records; Disney rises on Fox deal

File picture shows the 21st Century Fox logo outside the News Corporation headquarters in Manhattan, New York, April 29, 2016. — Reuters pic
File picture shows the 21st Century Fox logo outside the News Corporation headquarters in Manhattan, New York, April 29, 2016. — Reuters pic

NEW YORK, Dec 14 — Wall Street stocks rose early today, adding to records, following solid US retail sales data and as Disney advanced following a mammoth acquisition of key 21st Century Fox assets.

Total US retail and food services sales last month jumped 0.8 per cent over October as the holiday shopping season got off to a good start in the world’s biggest economy.

Analysts said sentiment was also lifted by progress on the tax cut plan in Congress and data showing further tightening in the labor market.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 24,645.10, up 0.2 per cent, advancing from Wednesday’s record close.

The broad-based S&P 500 rose 0.1 per cent to 2,666.03, while the tech-rich Nasdaq Composite Index gained 0.2 per cent to 6,408.34.

Dow member Disney gained 0.6 per cent after unveiling US$52.4 billion stock deal to buy key Fox Hollywood film and television studios, among other businesses.

The deal brings popular entertainment properties including X-Men, Avatar, The Simpsons, FX Networks and National Geographic into Disney’s portfolio. Fox dipped 0.1 per cent.

Delta Air Lines rose 1.4 per cent after it announced it ordered 100 Airbus planes with an option to buy 100 more, in a blow to Airbus’ American rival Boeing. The announcement came as part of a Delta investor day. Boeing advanced 1.3 per cent. — AFP

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