US markets closed higher for sixth straight session

26 May 2017 Evaluate

The US markets advancing for a sixth straight session closed higher on Thursday, with the S&P 500 and Nasdaq Composite closing at fresh record high. The FOMC minutes yesterday indicated that members were in agreement on a slow and deliberate approach to unwinding the massive balance sheet built up as part of the Federal Reserve’s quantitative-easing program. The gains were also underpinned by robust earnings. St. Louis Federal Reserve President James Bullard said that the current level of US prices is noticeably lower than what it would be if the Federal Reserve had delivered on its 2-percent inflation target, calling the trend worrisome. The US central banker said US prices are now 4.6 percent below the price level path established from 1995 to 2012, when inflation was growing near the Fed's target of 2 percent each year.

On the economy front, the number of Americans applying for and receiving unemployment benefits continue to drop to levels last seen nearly a half century ago, a sign the US labor market remains quite robust eight years into an economic expansion. Initial jobless claims rose by 1,000 to 234,000 in the seven days stretching from May 14 to May 20. The average of new claims over the past month, meanwhile, fell by 5,750 to 235,250 - the lowest level since April 1973. Initial claims count people who apply for benefits after losing their jobs. New applications for benefits have registered less than 300,000 for 116 straight weeks, the longest run since the early 1970s.

However, the trade deficit for goods deteriorated in April and inventories sank, suggesting that an expected economic rebound in the second quarter may not be as robust as thought. The trade gap in goods - services are excluded - widened to $67.6 billion in April from $65.1 billion in March, the government said in its advanced report. The full report will be released on June 2. The government reported last month that the overall US trade deficit in March totaled $43.7 billion.

The Dow Jones Industrial Average gained 70.53 points or 0.34 percent to 21,082.95, Nasdaq added 42.24 points or 0.69 percent to 6,205.26, while S&P 500 edged higher by 10.68 points or 0.44 percent to 2,415.07.

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