US markets closed slightly higher on Wednesday

07 Sep 2017 Evaluate

The US markets closed slightly higher on Wednesday, after congressional leaders and President Donald Trump agreed to extend the debt limit deadline and fund the government through mid-December. The gains on Wall Street came as investors grappled with lingering concerns over North Korea, a potentially catastrophic Hurricane Irma, doubts about President Donald Trump’s business-friendly agenda, news that a key Federal Reserve official is resigning, and persistent worries about elevated stock valuations. Fischer’s expected departure raises the question of whether Chairwoman Janet Yellen continues on as the Fed’s chief and how the central bank will proceed with monetary policy as sluggish inflation has befuddled policy makers so far.

Meanwhile, the Federal Reserve’s so-called Beige Book, a collection of anecdotes about the economy gathered before the central bank makes interest-rate decisions, said reports were mixed about auto production, as sales have slowed. The US economy expanded at a modest to moderate pace in July through mid-August but signs of an acceleration in inflation remained slight. Policymakers have raised interest rates twice this year but the prospect of a third in 2017 appears increasingly uncertain against a backdrop of weak price pressures despite the US economy humming along with low unemployment and continued growth. The Fed’s preferred measure of inflation retreated to 1.4 percent in July on a year-on-year basis, the slowest pace in more than 1-1/2 years. Many of the Fed’s 12 districts reported that businesses were having difficulty filling job openings at all skill levels, but this was not resulting in a widespread boost to salaries.

On the economy front, the trade deficit rose slightly in July, keeping the US on track to post a larger gap in 2017 than in 2016. The deficit edged up to $43.7 billion in July from $43.5 billion in June. The US trade deficit is running almost 10% higher through the first seven months of 2017, compared with the same period a year ago: $319.1 billion compared to $291.2 billion. A bigger deficit subtracts from gross domestic product, the official scorecard for the US economy. In July, imports slipped 0.2% to $238.1 billion. Imports of crude oil, autos and pharmaceutical goods all declined. Computer-related imports rose. Exports slipped a slightly larger 0.3% to $194.4 billion amid declines in shipments of new cars and trucks as well as household goods.

Separately, the vast majority of US companies in fields such as retail, medical care and food service expanded in August, keeping the economy on course in the second half of the year for steady growth. The Institute for Supply Management said its non-manufacturing index rose to 55.3% last month from 53.9% in July, which was the lowest reading in the past year. A similar ISM survey of manufacturing firms also showed the fastest growth in six years.

The Dow Jones Industrial Average added 54.33 points or 0.25 percent to 21,807.64, the Nasdaq gained 17.74 points or 0.28 percent to 6,393.31, and the S&P 500 edged higher by 7.69 points or 0.31 percent to 2,465.54.

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