US markets closed higher on Tuesday

02 Aug 2017 Evaluate

The US markets closed higher on Tuesday, with the Dow logging its second straight record closing high and a sixth straight session in positive territory, on the back of upbeat earnings, shaking off less-than-stellar reports on manufacturing and inflation. Earnings remained in focus, with traders awaiting further signs of upbeat sentiment in earnings, which have so far provided healthy signs. As of last Friday, 73% of the S&P 500 companies that had reported earnings posted sales numbers above estimates. Investors were still assessing the latest drama from the White House, in which communications director Anthony Scaramucci on Monday was removed from his post after just 10 days in the job.

On the economy front, Americans increased spending in June by the smallest amount in five months as income growth flat-lined, but lower gasoline prices also played a role. Consumer spending rose 0.1% in June, matching the smallest increase of 2017. Households spent more on health care, but they saved on gasoline because of cheaper prices at the pump. Income growth and inflation, meanwhile, were unchanged. Incomes failed to rise for the first time since the end of last year. The PCE index, the Federal Reserve’s preferred inflation gauge, was flat in June. What’s more, the 12-month rate of inflation stood at 1.4%, down from 2.2% earlier in the year.

Meanwhile, American manufacturers tapped on the brakes lightly in July but were still expanding near the fastest pace in three years, a good sign for the broader US economy. The Institute for Supply Management said its manufacturing index fell slightly to 56.3% last month after reaching a three-year high of 57.8% in June. Although new orders, production and plans for employment all declined, they remained at very high levels typically seen during a period of stable economic growth. The IHS Markit final manufacturing PMI climbed to 53.3 in July from a preliminary result of 52.

The Dow Jones Industrial Average added 72.8 points or 0.33 percent to 21,963.92, the Nasdaq gained 14.82 points or 0.23 percent to 6,362.94, while the S&P 500 edged higher by 6.05 points or 0.24 percent to 2,476.35.

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