US markets closed higher following Comey's testimony

09 Jun 2017 Evaluate

The US markets closed higher on Thursday, with the Nasdaq Composite Index finishing at a record, marking its 38th all-time closing high in 2017. The former FBI Director James Comey’s appearance in front of the US Senate Intelligence Committee concluded without any significant revelations. The street had signaled that above events don’t appear to threaten the stock market’s extended push into record territory, which has been driven by President Donald Trump’s promises of tax cuts, infrastructure spending and deregulation.

On the economy front, the number of Americans who sought unemployment benefits fell in early June and remained near the lowest level in decades. Initial jobless claims dropped by 10,000 to 245,000 in the seven days stretching from May 28 to June 3. New applications for unemployment benefits had shot up in late May to a five-week high, but the increase was largely due to the timing of the Memorial Day holiday and not a reflection of any underlying shift in the health of a vibrant US labor market. Initial claims count people who apply for benefits after losing their jobs. New applications for benefits have registered less than 300,000 for 118 straight weeks, the longest run since the early 1970s. The more accurate four-week average of new claims, meanwhile, rose by 2,250 to 242,000. Last month it fell to a 44-year low. So-called continuing claims, which count people already collecting government checks, dipped by 2,000 and stood at 1.92 million.

Meanwhile, the US economy was probably not as weak in the first quarter as has been reported, with data showing modestly stronger consumer spending than previously estimated. The Commerce Department’s quarterly services survey, or QSS, showed consumption, including healthcare spending, increased at a faster clip than the government had assumed in its second estimate of gross domestic product published last month. The QSS data suggested first-quarter GDP could be revised up to as high as a 1.5 percent annualized rate from the 1.2 percent growth pace reported in May.

The Dow Jones Industrial Average added 8.84 points or 0.04 percent to 21,182.53, Nasdaq was up 24.38 points or 0.39 percent to 6,321.76, while S&P 500 edged higher by 0.65 points or 0.03 percent to 2,433.79.

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