US markets closed higher for third straight session

23 May 2017 Evaluate

The US markets closed higher on Monday, for a third session of gains, recovering most of last week’s sharp loss as tech and industrial stocks rallied in a day marked by lighter than usual volume. With the bulk of earnings season over, investors will scrutinize US political news, like headlines last week that triggered a sharp midweek plunge for stocks.

On the economy front, US hiring improved and factories were busier last month, enough to overcome weaker consumer spending and drive up a broad measure of April national economic activity released Monday by the Chicago Federal Reserve. The Chicago Fed national activity index jumped to a positive 0.49 in April from a positive 0.07 in March. That’s the highest reading for the index since March 2014. The index’s three-month moving average, which tends to offer a clearer picture of the trend in economic activity than the volatile monthly reading alone, rose to a positive 0.23 in April from a neutral reading a month earlier. The three-month average has been neutral or positive for a fifth consecutive month. The contribution of the personal consumption and housing category was the only drag on the activity index as it ticked down to negative 0.08 in April from negative 0.06 in March. Housing starts decreased to 1.172 million annualized units in April from 1.203 million in March, and housing permits, which portends potential future groundbreaking, decreased to 1.229 million annualized units in April.

Meanwhile, Dallas Fed President Robert Kaplan said that with good progress toward the Federal Reserve’s twin goals of stable prices and full employment, the US central bank ought to keep raising interest rates and begin trimming its giant balance sheet before year’s end. But in a caveat that could loom large as the Fed heads towards its mid-June meeting, Kaplan suggested he is not yet ready to declare victory on the inflation front, particularly in view of weaker inflation readings in both March and April. Kaplan reiterated his view that leaving rates low for too long is risky, and that unemployment, at 4.4 percent in April, is very close to his view of full employment. Jobs growth, he forecast, is likely to slow as slack declines in the labor market. US Federal Reserve Board Governor Lael Brainard said that it is still a question for her if the US economy is at full employment or if there is still more slack left in the labor market. The main measure of US unemployment, at 4.4 percent, is below the level many Fed officials equate with full employment. Brainard enlightened that adding to evidence of a tightening labor market, several broader measures of slack, including people who are working part-time jobs but want full-time work, have also declined.

The Dow Jones Industrial Average gained 89.99 points or 0.43 percent to 20,894.83, Nasdaq added 49.92 points or 0.82 percent to 6,133.62, while S&P 500 edged higher by 12.29 points or 0.52 percent to 2,394.02.

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