US markets closed mostly higher; Dow ends above 22,000 mark

03 Aug 2017 Evaluate

The US markets closed mostly higher on Wednesday, with the Dow finishing above the 22,000 threshold for the first time, with sharp gains for Apple helping the blue-chip index to notch its seventh straight daily rise as Nasdaq struggled. Adding to the positive tone on the day, private sector hiring remained strong in July as employers added 178,000 jobs. ADP revised June’s gain to 191,000. Details of ADP’s report showed that small private-sector businesses added 50,000 jobs in July, medium-size businesses added 83,000 and large businesses added 45,000. Most of those gains were in the service sector - 174,000 jobs added there, compared with only 4,000 for goods producers.

Meanwhile, San Francisco Fed President John Williams said that the US economy will likely be strong enough for the Federal Reserve to trim its bond holdings in September, in a sign the central bank was close to unwinding a controversial stimulus tool. He added that he was comfortable with the view that the Fed could raise interest rates once more this year and around three times next year. Williams said the Fed needed to gradually remove monetary stimulus to keep the economy from overheating and that the Fed could adjust its plans on balance sheet reduction and rate increases if the economic outlook changed or if there were issues around the increase in the federal government’s limit on borrowing. Williams said he expects the jobless rate, currently at 4.4 percent, to fall slightly and then hold just above 4 percent through 2018, with inflation rising to the Fed's 2 percent target within one or two years.

Moreover, Cleveland Fed President Loretta Mester said that the Federal Reserve is tightening monetary policy at such a gradual pace that it doesn’t have to change course even with the fluctuations in economic and inflation data. Mester said she thinks the central bank can stick to the gradual approach, which could help to prolong economic expansion. Mester said she wasn’t convinced that the recent price declines are signaling a general downward trend in consumer prices or inflation. As a result, the Fed should continue to normalize monetary policy by raising rates and shrinking the balance sheet. She said she expected the economy to continue to grow at an annual rate slightly above 2% over the next year.

The Dow Jones Industrial Average added 52.32 points or 0.24 percent to 22,016.24, the S&P 500 edged higher by 1.22 points or 0.05 percent to 2,477.57, while the Nasdaq lost 0.29 points to 6,362.65.

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