Dow, Nasdaq hit record highs for second consecutive day

Nov. 5 (UPI) -- The Dow Jones Industrial Average and Nasdaq Composite hit new records for the second consecutive day Tuesday, amid hope that the United States and China will put a pause on tariffs.

The Dow rose 30.52 points, or 0.11 percent, to 27,492.63 points and the Nasdaq increased 1.48 points to 8,434.68, both building on record-highs achieved Monday. The S&P 500 fell 3.65 points on Tuesday, after also reaching a record high on Monday.

Tuesday's record-highs came after the United States and China began to assess current tariffs on Chinese imports as the two countries work to finalize the "phase one" trade deal announced in October.

The U.S. Commerce Department said the U.S. trade deficit narrowed in September as both imports and exports declined.

Stocks were also driven upward as shares of Adobe rose 4.2 percent and Hertz Global Holdings shot up 14 percent as both companies reported increases in quarterly profits.

The yield on the benchmark 10-year U.S. Treasury also increased to 1.865 percent from 1.787 percent on Monday.