US markets closed higher; S&P, Nasdaq end at records

28 Oct 2017 Evaluate

The US markets closed higher on Friday, with the S&P 500 and Nasdaq Composite closing at records, fueled by large gains in technology shares following better-than-expected quarterly results from heavyweights. The dollar was rising across the board after the House of Representatives passed a budget resolution, which was viewed as an encouraging sign for tax cuts. According to the analysis, released by Trump’s Council of Economic Advisers cutting the corporate tax rate to 20% would speed up economic growth enough to eventually make the US economy 3 to 5% larger than it otherwise would be. The analysis also repeats the panel’s finding that the corporate tax cut would increase average household income by at least $4,000. The New York Federal Reserve upgraded its estimate of US gross domestic product growth for the fourth quarter, based on upbeat data on durable goods orders and new home sales in September and stronger-than-forecast GDP growth in the third quarter. The regional central bank’s ‘Nowcast’ model calculated the economy was expanding at an annualized pace of 3.05% in the fourth quarter, faster than the 2.61% rate calculated last week.

On the economy front, the US grew at a solid 3% annual pace in third quarter despite damage from two hurricanes. That’s only slightly below the 3.1% growth rate in the second quarter. The last time the economy had two consecutive quarters of above-3% growth was in 2014. The government said it couldn’t say exactly how much hurricanes Harvey and Irma sliced from growth in the July-September quarter. The economy was powered by solid consumer spending, healthy business and government outlays and a boost from more volatile sectors like inventory and trade. Consumer spending, the main engine of the economy, rose at a 2.4% rate after a 3.3% gain in the second quarter. Nonresidential, or business, investment rose 3.9%. Inventories added 0.73 percentage points to growth and the trade sector added 0.41 percentage points. Excluding those volatile categories, final sales for domestic product rose 2.3% in the third quarter, down from a 2.9% rate in the prior period.

Meanwhile, the University of Michigan reported consumer sentiment in October was the strongest it’s seen in 13 years. The final reading of its consumer sentiment index was 100.7, versus September’s 95.7. The preliminary reading was 101.1. The consumer sentiment average during the first ten months of 2017 (96.7) has been the highest since 2000 (108.5). Assessments of both current conditions and future expectations improved significantly, with the current conditions index rising 4.3% and the expectations index improving 7.2%.

The Dow Jones Industrial Average added 33.33 points or 0.14 percent to 23,434.19, the Nasdaq gained 144.49 points or 2.20 percent to 6,701.26, and the S&P 500 edged higher by 20.67 points or 0.81 percent to 2,581.07.

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