US markets closed higher on tax-reform plan

23 Aug 2017 Evaluate

The US markets closed higher on Tuesday, with the Dow industrials and the Nasdaq turning in their best session in months, as a surge in appetite for technology shares and health-care stocks underlined a measure of bullishness returning to markets after a rough patch. Stocks gained momentum following a Politico report that President Donald Trump’s top aides and congressional leaders are making progress on shaping a tax-reform plan. Traders were already focusing on the Kansas City Federal Reserve Bank’s central bank symposium in Jackson Hole, Wyo., which starts Thursday and runs through Saturday. Federal Reserve Chairwoman Janet Yellen and European Central Bank President Mario Draghi are among top speakers, with investors hoping to get hints on the future monetary policy path from both institutions.

The minutes from a discussion of the discount rate showed that all of the Federal Reserve’s 12 regional banks wanted to hold steady the rate commercial banks are charged for emergency loans ahead of the US central bank’s last policy meeting. The US central bank subsequently held its benchmark lending rate steady at its July 25-26 meeting and kept the discount rate unchanged at 1-3/4 percent. In wanting to keep the discount rate unchanged, directors of the regional banks cited recent soft readings on inflation. The minutes showed that they wanted to wait to assess whether incoming data support the current outlook for continued moderate economic growth, some further strengthening in labor market conditions, and a gradual return of inflation to 2 percent over the medium term. The Fed raised interest rates for the third time in six months at its June meeting on the strength of the US jobs market and continued economic growth but has stood pat since then. The central bank still forecasts another interest rate rise this year, although some officials have become increasingly concerned about a series of lackluster inflation readings.

The Dow Jones Industrial Average added 196.14 points or 0.90 percent to 21,899.89, the Nasdaq gained 84.35 points or 1.36 percent to 6,297.48, while the S&P 500 edged higher by 24.14 points or 0.99 percent to 2,452.51.

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