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

US markets closed mostly higher; Dow reports minor loss

29 Aug 2017 Evaluate

The US markets closed mostly higher on Monday, with the Dow industrials slipping lower and the S&P 500 and Nasdaq posting slight gains, as investors gauged the effect of Hurricane Harvey, which slammed into Texas over the weekend, flooding cities and forcing energy facilities to close. The storm, which was moving toward Louisiana, knocked out almost 15% of the nation’s fuel-making capacity and further disruptions were anticipated. The coast of Texas hosts nearly 30% of US refining capacity, and Houston-area plants account for roughly half of that. The cautiousness prevailed amid reports that North Korea fired a ballistic missile that flew over Japanese airspace, reigniting geopolitical tensions that had cooled between North Korea and US allies in the Pacific Rim.

On the economy front, an early look at US trade patterns in July points to a wider deficit. The advanced trade gap in goods - services are excluded - widened by nearly 1.8% to $65.1 billion in July. Both exports and imports declined, but exports dropped at a faster pace. The government will release overall trade numbers, including services, for July next week, but the size of the trade deficit is generally tied to changes in exports and imports of goods. Trade patterns involving services rarely change much from month to month.

The Nasdaq gained 17.38 points or 0.28 percent to 6,283.02, the S&P 500 edged higher by 1.19 points or 0.05 percent to 2,444.24, while the Dow Jones Industrial Average lost 5.27 points or 0.02 percent to 21,808.40.


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