US markets closed higher on Friday

04 Nov 2017 Evaluate

The US markets closed at records on Friday, with major indexes extending their lengthy upward moves on the back of strong results at Apple, which offset a mixed set of economic data, including a lackluster October jobs report. For the week, the Dow added 0.5%, the S&P was up 0.3% and the Nasdaq advanced 0.9%. The week marked the eight straight weekly gain for both the Dow and the S&P, the longest such streak for both since November 2013. The Nasdaq marked its sixth positive week in a row, matching a streak that ended in early March. Meanwhile, Minneapolis Federal Reserve Bank President Neel Kashkari said that there is no sign of rising inflation and that the US central bank should hold off on raising interest rates until that change. Kashkari, who is a voter on this year’s rate-setting committee, has repeatedly said the Fed should wait to raise borrowing costs again until inflation hits its 2-percent goal.

On the economy front, the US economy added 261,000 jobs in October as employment rebounded from barely any gain in the prior month due to hurricanes Harvey and Irma. Unemployment dipped to 4.1% from 4.2% and sat near a 17-year low, but the decline stemmed in part from a 765,000 plunge in the number of people in the labor force. The broader U6 jobless rate fell to 7.9%, the first time it’s been below 8% since 2006. Wages fell a penny an average of $26.53 an hour. The year-over-year increase in hourly pay slowed to 2.4% from 2.8%, though wage figures for the past two months were distorted by the storms. The initially reported loss of 33,000 jobs in September was revised to an 18,000 gain. The increase in jobs in August was raised to 208,000 from 169,000.

Meanwhile, the Institute for Supply Management said its nonmanufacturing index edged up to 60.1% from 59.8%, reaching the best level since August 2005. Of the 18 industries polled in this ISM survey, 16 reported expansion. Separately, the IHS Markit US services index stayed at 55.3 in October. The report was very strong, with production and new orders both above 62%. Separately, US factory orders rose 1.4% in September to mark the third gain in the last four months. Orders for durable goods, about half of all orders, rose 2%. Orders for non-defense capital goods excluding aircraft advanced 1.7%.

On the other hand, the US trade deficit rose 1.7% in September to $43.5 billion from $42.8 billion in August. Imports edged up 1.2% to $240.3 billion. Exports increased 1.1% to $196.8 billion and hit the highest level since the final month of 2014. The trade deficit rose slightly as imports outpaced exports. The US imported more capital goods, aircraft and computer chips, while demand for foreign autos and parts fell. On the export side, US companies shipped more industrial supplies and crude oil. Exports of pharmaceuticals, a volatile category, fell by $1 billion.

The Dow Jones Industrial Average added 22.93 points or 0.10 percent to 23,539.19, the Nasdaq gained 49.492 points or 0.74 percent to 6,764.44, and the S&P 500 edged higher by 7.99 points or 0.31 percent to 2,587.84.

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