US markets fell sharply on global concerns

18 Aug 2017 Evaluate

The US markets fell sharply on Thursday, as heightened concerns about President Donald Trump’s legislative agenda and news of a terrorist attack in Barcelona combined to foster selling on Wall Street. In what’s being investigated as a terrorist attack, a van plowed into a crowd in the Ramblas tourist area Thursday in Barcelona, Spain, killing at least 13 and injuring scores with unconfirmed reports that hostages were being held at a nearby restaurant by gunmen. The last time all three major benchmarks finished down 1% or more was May 17. Technology shares suffered the worst of the beating following disappointing results from Cisco Systems.

On the economy front, the number of Americans who sought unemployment benefits in mid-August fell to the lowest level in six months, mirroring the strongest US labor market in almost two decades. Initial jobless claims in the period running from August 6 to August 12 declined by 12,000 and stood at 232,000. That is the lowest level since February and the second lowest since the current economic expansion began in 2009. The last time claims were as low was in 1973. The US has added some 16 million jobs in the past 7½ years to drive the unemployment rate down to a 16-year low of 4.3%. The average of new claims over the past month slipped by a smaller 500 and stood at 240,500. Continuing jobless claims, meanwhile, fell by 3,000 to 1.95 million in the week ended August 5. Separately, a broad measure of how well the US economy is performing climbed again in July and signaled potentially faster growth in the final six months of 2017. The leading economic index rose 0.3% last month after a frothy 0.6% increase in June.

Meanwhile, industrial production rose in July for the second month in a row, spearheaded by a large increase in output at utilities to cool US homes. Output climbed 0.2% last month. Production at utilities surged 1.6%, reversing a similarly large decline in June. Mining output also rose 0.5% - the fourth straight increase. Yet output among manufacturers slipped 0.1%, the third decline in five months. The drop-off largely stemmed from lower production among auto makers whose sales have cooled off. Auto production sank 3.5%. Production of business equipment and construction output also declined. Home builders have plenty of demand, but an array of obstacles to erect new homes has slowed construction. Excluding autos, manufacturing rose 0.4% in July. Over the past year production has risen a modest 2.2%. Capacity utilization, meanwhile, was flat at 76.7% in July.

The Dow Jones Industrial Average dropped 274.14 points or 1.24 percent to 21,750.73, the Nasdaq lost 123.2 points or 1.94 percent to 6,221.91, while the S&P 500 edged lower by 38.1 points or 1.54 percent to 2,430.01.

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