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  3. US markets closed mostly higher; Dow post minor loss

US markets closed mostly higher; Dow post minor loss

11 Jul 2017 Evaluate

The US markets closed mostly higher on Monday, with the Nasdaq and S&P 500 finishing higher as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower. Fed Chair Janet Yellen’s semi-annual testimony may be the highlight this week for investors looking for clues on further interest rate hikes. She will testify on Wednesday and Thursday. The New York Federal Reserve reported in its latest monthly survey of consumer expectations that consumers expect to boost spending in the months ahead and voiced confidence they are more likely to find a job and less likely to lose one in a strong labor market. Nearly 35 percent of the 1,300 heads of household included in the June poll said they were better off economically than a year ago, a record in the four years the survey has been conducted.

On the economy front, consumer credit expanded in May at the fastest rate in seven months, in what could be a sign that strong levels of confidence will lead to growth in consumption. US consumer credit rose at a seasonally adjusted annual rate of 5.8%, for growth of $18.4 billion, in May. Revolving credit like credit cards jumped 8.7%. Non-revolving credit, typically auto and student loans, rose 4.7%. The monthly growth of consumer credit often seesaws, but the first quarter’s 4.8% growth was the slowest quarterly expansion in more than six years.

The Nasdaq added 23.31 points or 0.38 percent to 6,176.39, S&P 500 edged higher by 2.25 points or 0.09 percent to 2,427.43, while the Dow Jones Industrial Average lost 5.82 points or 0.03 percent to 21,408.52. 

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