US markets closed higher on Monday

07 Nov 2017 Evaluate

The US markets closed higher on Monday, with all three main equity benchmarks finishing at all-time highs on the same day for the 26th time in 2017, marking a fresh record for simultaneous closing highs in a calendar year for the trio. The previous record was 26 closing records hit in 1995 for all three benchmarks, matched last Friday. Healthy corporate earnings and megamerger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling developments in Saudi Arabia where more than five dozen princes, ministers and prominent businessmen were purged over the weekend. The Atlanta Federal Reserve’s GDPNow forecast model showed that the US economy is on track to grow at a 3.3 percent annualized pace in the fourth quarter based on the latest data on US payrolls and business inventories. The latest estimate for fourth-quarter gross domestic product growth was slower than the 4.5 percent growth rate calculated on Wednesday.

Meanwhile, Federal Reserve Bank of San Francisco President John Williams said that in a world where the underlying growth potential of the economy is hard to pin down, targeting a price level -- rather than a precise, 2 percent inflation goal -- could be effective. Williams added that as a result, it makes sense to set monetary policy using a method that doesn’t rely heavily on estimates of potential output, which is shaped by labor force growth and hard-to-predict productivity. Price-level targeting fits the bill and could give central bankers an extra safety cushion with interest rates close to zero. Former Fed Chairman Ben Bernanke has also urged the Fed to consider a policy of temporary price level-targeting, aiming for 2 percent on average over time.

Separately, a Federal Reserve quarterly survey showed that loan officers at US banks reported easing standards for business loans while terms for commercial real estate loans remained unchanged. The officers also said they had seen a weakening in demand for both types of loans in the third quarter. The survey also highlighted that US financial conditions remain loose, strengthening the argument that another rate rise would not slow the economy’s brisk growth. Banks also reported tightening standards and terms on credit and auto loans while demand for them remained unchanged.

The Dow Jones Industrial Average added 9.23 points or 0.04 percent to 23,548.42, the Nasdaq gained 22.001 points or 0.33 percent to 6,786.44, and the S&P 500 edged higher by 3.29 points or 0.13 percent to 2,591.13.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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