US markets closed higher on Thursday

29 Sep 2017 Evaluate

The US markets closed slightly higher on Thursday, but the advance was enough to record a trio of all-time highs for three closely followed benchmarks: the Russell 2000, Dow transports and the S&P 500. The Trump administration’s tax-overhaul proposal continued to fuel some buying appetite for equities. The latest economic data painted a mixed picture of the economy. US Federal Reserve Vice-Chairman Stanley Fischer said it was important for the central bank to reverse its massive bond buying program, given that it had previously said they were a temporary measure. Fischer also said he thought the Fed was communicating its policy intentions and its commitment to tighten policy better now than in 2013, when concern about reduced stimulus led to a jump in bond yields known as the ‘taper tantrum’.

On the economy front, the US economy’s pace of growth in the second quarter was raised to 3.1% from 3% under the government’s latest revisions to gross domestic product. The value of inventories rose by $5.5 billion, stronger than previously reported. The increase in consumer spending was unchanged at 3.3%. Business investment in structures rose a stronger 7% instead of 6.2%. Exports were revised to show a smaller 3.5% gain. Imports advanced 1.5%. Adjusted pretax corporate profits climbed 0.7% to an annualized $2.12 trillion, rebounding from a decline in the first quarter. The somewhat stronger pace of growth in the spring shown by the latest government figures mostly reflects higher farmer inventories. The production of unsold goods such as crops or new cars adds to GDP. Other key figures in the government’s third estimate of GDP, including readings on inflation, were little changed.

On the other hand, initial US jobless claims, a tool to measure layoffs, rose by 12,000 to 272,000 in the seven days stretching from September 17 to September 23. The more stable monthly average of claims increased by 9,000 and stood at 277,750, marking the highest level in a year and a half. The number of people already collecting unemployment benefits, known as continuing claims, fell by 45,000 to 1.93 million. More Americans in Florida and George sought unemployment benefits after Hurricane Irma left them temporarily unable to work. Claims also remained elevated in Texas as the state worked to regain normalcy after Harvey. Yet new claims have been unusually low for several years, touching levels not seen since the early 1970s.

The Dow Jones Industrial Average added 40.49 points or 0.18 percent to 22,381.20, the Nasdaq gained 0.19 points to 6,453.45, and the S&P 500 edged higher by 3.02 points or 0.12 percent to 2,510.06.

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