US markets closed higher as Senate approve budget bill

06 Oct 2017 Evaluate

The US markets closed at all-time highs on Thursday, after Congress passed a budget resolution - a step seen as setting the stage for an overhaul of the tax code. After a House vote, the Senate approved a budget bill. Republicans passed tax cuts through what is known as budget reconciliation, which requires just a simple majority in the Senate. Republicans currently control the Senate with 52 seats. Philadelphia Fed President Patrick Harker said that the Federal Reserve is likely to raise interest rates again in December but the move depends on the performance of inflation over the next few months. Harker, who is a voting member on policy this year, said that the current low inflation and 2% growth environment is not a horrible situation.

On the economy front, the US trade deficit dropped 2.7% in August to $42.4 billion from $43.6 billion in July. Imports slipped 0.1% to $237.7 billion. Exports rose 0.4% to $195.3 billion. The trade deficit shrank mainly because of higher US exports of drugs, semiconductors and equipment for phone networks. Imports were essentially unchanged. Imports of goods from China set a fresh record at $45.8 billion. The goods deficit with Vietnam was the highest ever at $3.6 billion. Initial jobless claims, a tool to measure US layoffs, fell by 12,000 to 260,000 at the end of September. The more stable monthly average of claims declined by 9,500 to 268,250, a figure still inflated by hurricanes Irma, Maria and Harvey. The number of people already collecting unemployment benefits, known as continuing claims, fell slightly to 1.94 million.

Meanwhile, factory orders rebounded 1.2% in August after a sharp decline in the prior month. Orders for durable goods, about half of all orders, rose a revised 2% in August compared with the prior estimate of a 1.7% gain. Orders for non-defense capital goods excluding aircraft jumped 1.1% in August after a 0.9% gain in July.

The Dow Jones Industrial Average added 113.75 points or 0.50 percent to 22,775.39, the Nasdaq gained 50.73 points or 0.78 percent to 6,585.36, and the S&P 500 edged higher by 14.33 points or 0.56 percent to 2,552.07.

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