US markets closed higher on Tuesday

24 May 2017 Evaluate

The US markets closed higher on Tuesday, marking a fourth straight session in the green following the White House’s release of its 2018 budget proposal. The White House is seeking to slash federal spending by $3.6 trillion over the next decade through steep cuts across most agencies and tough new restrictions on aid to the poor - a dramatic rethinking of the role of government in the American economy. Defense is one of the few areas slated for increased funding. The budget assumes that annual economic growth accelerates from 1.6 percent last year to 3 percent by 2021, and remains at that level for the rest of the decade. Faster economic growth would generate trillions of dollars in additional revenue, allowing the government to balance its books by 2027. Separately, Philadelphia Fed President Patrick Harker said that the Federal Reserve is still discussing options for shrinking its $4.5-trillion bond portfolio and, once that begins, the central bank could intervene in the process if necessary. The comments largely reflect both Harker’s and most other Fed officials’ stated approach to shedding bonds, a plan that has been partially announced even while investors eagerly await details on the pace and sequence with which the balance sheet will shrink.

On the economy front, a pair of surveys of American businesses in May showed the US economy is still growing steadily, though manufacturers that provide many blue-collar jobs have cooled off in the past few months. IHS Markit said its manufacturing PMI slipped to 52.5 this month from 52.8, marking an eight-month low. Manufacturers saw a surge that began late last year and continued through early 2017 before easing up more recently. Lately companies have slowed production to avoid excess inventory buildups. More optimistically, Markit said its US services index rose to a four-month high of 54 from 53.1. The service side of the economy employs four of every five American workers in fields such as banking, retail, medical care, real estate and travel.

Meanwhile, sales of newly constructed homes stumbled in April, as builders retreated after a March surge that marked the strongest selling pace in a decade. New-home sales ran at a seasonally adjusted annual rate of 569,000. In particular, March’s pace was raised to a pace of 642,000, the highest since October 2007. April’s figures were 11.4% lower for the month, but 0.5% higher than in the same period a year ago. The government’s new-home sales data are based on small samples and are often heavily revised. Total sales in the first four months of the year are 11% higher compared with the same period a year ago. In April, the median sales price for a new home was $309,200, down from $318,700 in March and $321,300 in the year-ago period.

The Dow Jones Industrial Average gained 43.08 points or 0.21 percent to 20,937.91, Nasdaq added 5.09 points or 0.08 percent to 6,138.71, while S&P 500 edged higher by 4.4 points or 0.18 percent to 2,398.42.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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Fiduciary-first advisory model.
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Deep fundamental research + robust valuation discipline.
Built on more than 15 years of equity research, our framework combines quality assessment, intrinsic value estimation, and a sensible margin-of-safety approach.
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Investing in stocks, mutual funds, debt, and gold
Quality-at-Reasonable-Price way of investing in stocks
Constructing Direct Stock Portfolios with Core, Booster, and Amplifier stocks
A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
Clear Buy-Sell-Hold, and Position-sizing frameworks

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