US markets closed higher; Dow snaps 4-day losing streak

28 Sep 2017 Evaluate

The US markets closed higher on Wednesday, with the Dow industrials ending a four-day losing streak as President Donald Trump and congressional Republicans touted a sweeping tax overhaul. Republican leaders unveiled a plan to overhaul the US tax code that looks to sharply reduce tax rates on businesses and many individuals. One of the reasons markets have risen throughout 2017 is the prospect of tax reform passing, which is expected to be a tailwind for markets. However, the Republican-controlled Congress was unable to pass health-care reform despite several attempts and versions, and it is unclear how likely it was that tax-reform could be passed.

Separately, St. Louis Fed President James Bullard said that the economy is likely to remain on a slow-growth track with subdued inflation, meaning the Federal Reserve can hold interest rates steady. First, he said the US economy would remain in a slow-growth 2% trench, even though second-quarter GDP data showed some improvement. Other recent data have come in weaker than expected and the hurricanes have caused substantial damage. Secondly, Bullard said he did not think the downside inflation surprise in the first half of the year would reverse over the rest of the year. And lastly, the strong labor market would not put upward pressure on inflation. Bullard has forecast no more rate hikes through 2020. That puts him at the low end of the so-called dot plot that tracks policy-maker expectations, and at odds with Fed Chairwoman Janet Yellen.

On the economy front, orders for durable or long-lasting goods such as passenger planes rose sharply in August and business investment strengthened again in a good showing for the US economy. Durable-goods orders climbed 1.7% last month. The increase stemmed mainly from a big batch of orders for commercial aircraft. Bookings surged 45%. Demand was higher for most other manufactured goods, but bookings grew at a slower pace. Orders minus transportation edged up 0.2%. A key measure of business investment, meanwhile, showed more muscle. So-called core capital-goods orders advanced 0.9% and rose for the eighth time in the past nine months. Business investment has surged at an 8% annualized rate in the past three months. Companies appear to have stepped up investment with the economy continuing to chug along and Washington poised to cut corporate taxes.

The Dow Jones Industrial Average added 56.39 points or 0.25 percent to 22,340.71, the Nasdaq gained 73.1 points or 1.15 percent to 6,453.26, and the S&P 500 edged higher by 10.2 points or 0.41 percent to 2,507.04.

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