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  3. US markets closed higher on Monday

US markets closed higher on Monday

20 Jun 2017 Evaluate

The US markets closed higher on Monday, with both the Dow and the S&P 500 ending at new record high, as technology shares rebounded from a recent bout of sharp weakness to lead the market higher. Investors are likely to keep tech stocks in focus this week, amid concerns the sector could start to drag down the broader market, given the Federal Reserve has indicated it will tighten policy and economic data have failed to inspire. Following a busy week packed with central bank meetings, market players will focus on a handful of Federal Reserve speakers in the week ahead, as they look for more clues on future monetary policy moves. Traders will also keep an eye out on US housing data to gauge if a recent downtick in consumer spending and inflation is translating into lower home prices and slack in sales.

Meanwhile, Chicago Fed President Charles Evans said that with inflation stubbornly soft despite a 16-year low in the US unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio. Evans added that the important feature is that the current environment supports very gradual rate hikes and slow preset reductions in our balance sheet. Repeating much of a similar talk he gave in May, Evans said that while the Fed had essentially achieved its goal of full employment, it has had a serious policy outcome miss on its other goal of 2-percent inflation. Evans enlightened that unemployment fell to 4.3 percent in May, below what many Fed officials say is sustainable in the long run. But inflation, which by the Fed’s preferred gauge fell to 1.5 percent in April, has run below the Fed's 2-percent target for years.

The Dow Jones Industrial Average added 144.71 points or 0.68 percent to 21,528.99, Nasdaq gained 87.25 points or 1.42 percent to 6,239.01, while S&P 500 edged higher by 20.31 points or 0.83 percent to 2,453.46.

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