US markets closed mostly higher; Dow reports minor loss

27 Sep 2017 Evaluate

The US markets closed mostly higher on Tuesday, though the Dow industrials extended a losing streak to a fourth session. Investors appeared to shrug off comments from Federal Reserve Chairwoman Janet Yellen, who cautioned against moving too slowly on interest rates. Yellen said there is a risk that the labor market could become overheated, causing an inflation problem down the road. It is possible, Yellen said, that the Fed may have misspecified its models for inflation, and misjudged key facts like the underlying strength of the labour market and whether inflation expectations are as stable as they seem. Yellen added that while there is not enough evidence of a major shift in inflation dynamics for the Fed to yet pull back from its plan to gradually raise rates, she said the central bank needed to remain open to that possibility. Yellen’s remarks attempt to resolve a debate that has split members of the central bank among those worried that inflation may be permanently anchored below the Fed’s 2% target because of structural changes in the global economy, and those who feel it is only a matter of time before tight labour markets lead wages and prices to rise.

On the economy front, home-price gains picked up speed in July, led by some perennial hot spots and one surprise newcomer. The S&P/Case-Shiller 20-city index rose a seasonally adjusted 5.8% in the three-month period ending in July compared with a year ago, and was up from 5.6% in the June period. Case-Shiller’s national index rose 5.9%, up from 5.8%. For the month, both the national and the 20-city index rose an unadjusted 0.7%. As has been the pattern, Seattle led the way, with prices rising 13.5% compared to the year-ago period. Portland, another city that’s enjoyed several years of sturdy demand, was second with a 7.6% increase.

On the other hand, consumer confidence in the US fell slightly in September, hurt in part by hurricanes Irma and Harvey, but most Americans remain quite optimistic about the economy. The consumer-confidence index slipped to 119.8 from a revised 120.4 in August. Confidence fell considerably in Texas and Florida, two of the nation’s most heavily populated states, after a pair of super-storms caused widespread damage. Separately, sales of newly constructed homes tumbled in August, even as the housing market remained starved for supply. New-home sales ran at a seasonally adjusted annual pace of 560,000. That was 3.4% lower compared to a month ago and 1.2% lower than in August 2016. It’s the lowest annual rate since December. The median sales price of new homes sold in August was $300,200, 0.4% higher than a year ago. With a slower selling pace, inventory normalized. At the current pace, it would take 6.1 months to exhaust available supply, a more balanced level than has been the case much of the time in recent years.

The Nasdaq gained 9.57 points or 0.15 percent to 6,380.16, the S&P 500 edged higher by 0.18 points or 0.01 percent to 2,496.84, while the Dow Jones Industrial Average lost 11.77 points or 0.05 percent to 22,284.32.

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