US market closed higher for fifth straight month

01 Sep 2017 Evaluate

The US markets closed higher on Thursday, with the main indexes posting their fifth consecutive monthly gain. A pair of economic reports that highlighted continued improvement in the economy also boosted sentiment on Wall Street. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is on track to grow at a 3.3 percent annualized pace in the third quarter based on the latest data on expected lower contribution from exports and inventory investments. The latest third-quarter gross domestic product estimate was weaker than the one for a 3.4 percent growth rate calculated on August 25.

On the economy front, the number of people who applied for unemployment benefits in late August remained close to a post-recession low, pointing to another solid monthly employment report near the end of summer. Initial jobless claims in the period running from August 20 to August 26 rose by 1,000 to 236,000. New claims count people who apply for unemployment benefits after losing their jobs. The average of new claims over the past month, which gives a more stable picture of layoff trends, fell by 1,250 to 236,750. That’s the second lowest level since the U.S. economy began growing again in the middle of 2009. New applications for benefits have totaled less than 300,000 for 130 straight weeks, extending the longest streak since the early 1970s. Also, the number of people already collecting unemployment checks, known as continuing claims, declined by 12,000 to 1.94 million in mid August.

Meanwhile, helped by higher incomes and low inflation, Americans bought more furnishings for their homes in July and also ratcheted up spending at hotels and restaurants. Consumer spending rose 0.3% last month. Outlays for June were revised higher. Households are in the best financial shape in years, buoyed by low unemployment, rising incomes and a surging stock market. Incomes, for example, climbed 0.4% in July to mark the biggest gain in five months. The pace of inflation, meanwhile, was little changed in July. The PCE index, the Federal Reserve’s preferred inflation gauge, rose 0.1%. A core rate that strips out food and energy rose by the same amount. Separately, a gauge of Chicago-area economic activity held steady in August, after retreating from a 3-year high in the prior month. The Chicago PMI remained at 58.9 for the second straight month.

The Dow Jones Industrial Average added 55.67 points or 0.25 percent to 21,948.10, the Nasdaq gained 60.35 points or 0.95 percent to 6,428.66, and the S&P 500 edged higher by 14.06 points or 0.57 percent to 2,471.65.

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