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  3. US markets closed higher on strong economic data

US markets closed higher on strong economic data

31 Aug 2017 Evaluate

The US markets closed higher on Wednesday, with the benchmark S&P 500 posting gains for a fourth straight session after a pair of strong economic reports. Wednesday’s advance was marked by bouts of volatility triggered by ongoing tensions between the US and North Korea. Federal Reserve Governor Jerome Powell said that the Federal Reserve will continue to expect much more from ever before from directors of large banks. Powell reminded that during the financial crisis, large banks incurred massive losses from esoteric products that were not even on the radar of bank boards. He said the Fed would work with bank directors who feel buried under paper from regulations put in place post-crisis, but said the central bank would not back away from requiring that bank boards be strong and effective.

On the economy front, the US economic rebound in the second quarter was stronger than initially reported, as a lift to consumer spending and business investment led to the strongest growth in more than two years. Gross domestic product rose at 3% rate from April to June, up from an initial 2.6% reading. The economy picked up from a 1.2% rate in the first quarter. A slow first quarter followed by an improved second quarter also occurred in two of the past three years. The last time the US economy had two quarters above 3% was in 2014.

Meanwhile, private-sector hiring skyrocketed in August. Employers added a seasonally adjusted 237,000 jobs during the month. That was a big gain from the 178,000 jobs ADP reported in July, and which it revised up to 201,000. Small businesses added 48,000 employees, medium-sized businesses added 74,000 workers, and large businesses added 115,000 people. Nearly all the job gains came from the service sector, which produced 204,000 jobs.

The Dow Jones Industrial Average added 27.06 points or 0.12 percent to 21,892.43, the Nasdaq gained 66.42 points or 1.05 percent to 6,368.31, and the S&P 500 edged higher by 11.29 points or 0.46 percent to 2,457.59.


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