US markets closed higher on encouraging data

13 Sep 2017 Evaluate

The US markets closed higher on Tuesday, though gains were capped by unsteady trade in technology, after a brisk, broad-market run-up in the previous session. Tuesday’s moves come after the S&P 500 and the Dow industrials logged their biggest one-day percentage gains in months on diminished anxieties about hurricanes, notably Hurricane Irma which hit Florida over the weekend, and tensions in the Korean Peninsula. Market participants were also looking for further signs that fiscal-stimulus measures promised by President Donald Trump during his presidential campaign may still have a chance of coming to fruition.

On the economy front, job openings in the US set yet another record in July, climbing steadily despite the lowest unemployment rate in years. The Labor Department reported that openings edged up to 6.17 million in July from 6.12 million in June. It’s the first time openings have topped 6 million for two straight months since the government began keeping track in 2000. Employment has rebounded dramatically since the bottom of the 2007-2009 recession, when job opening plunged to 2.2 million. Almost 17 million new jobs have been created since 2010. Yet while some businesses have raised wages, most have held the line on labor costs. Pay increasing more slowly than it usually does when the unemployment rate, now at 4.4%, is so low.

Meanwhile, sentiment among small-business owners edged up in August, as big plans to bolster spending on equipment offset slightly diminished hiring intentions. The sentiment tracker from the National Federation of Independent Business ticked up 0.1 point to 105.3. NFIB’s gauge surged after the election, when business owners anticipated less regulation and more business-friendly policies. Then, as Washington gridlock set in, the monthly readings have stayed the same or declined for most of the year. July’s reading bucked that trend, jumping 1.6 points, but August reading signaled a return to trend. Moreover, incomes in the US jumped last year, allowing the average American household to finally recover the ground it lost in the past two recessions. The median household income last year was $59,039, up an inflation-adjusted 3.2% from 2015. It was a new high for the figure, surpassing the previous peak for household income reached in 1999.

The Dow Jones Industrial Average added 61.49 points or 0.28 percent to 22,118.86, the Nasdaq edged higher by 22.02 points or 0.34 percent to 6,454.28, and the S&P 500 gained 8.37 points or 0.34 percent to 2,496.48.

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