US markets closed higher on Thursday

17 Nov 2017 Evaluate

The US markets closed higher on Thursday, with earnings-inspired gains by Cisco and Wal-Mart helping to set the pace, while House passage of a Republican-sponsored tax cut plan helped cement the rally. The passage of the tax bill is widely expected but it does not enjoy bipartisan support and in all likelihood, the final version is likely to look much different given that the Senate Finance Committee is proposing a bill that differs with it in key areas.

On the economy front, industrial production in October jumped 0.9%. There also were upward revisions to July, August and September readings, enough so that production is now estimated to have dropped at annual 0.3% rate in the third quarter, against a prior estimate that production dropped 1.5% during that period. Over the past 12 months, industrial production has climbed 2.9%. Capacity utilization rose to 77% from 76.4% in September, compared with the 76.3% reading that economists forecast. Separately, the Philadelphia Fed’s manufacturing index slowed to a reading of 22.7 in November from 27.9 in October. Any reading above zero indicates improving conditions. For the 16th straight month, the index has been positive. There was a slight decline in the index measuring shipments and a small rise in the index measuring new orders. With a growing overseas economy and a solid domestic one, it’s been a pretty good time for US manufacturers. A similar measure of the New York-area manufacturing sector also saw a slight fall in November from strong levels.

Meanwhile, initial jobless claims, a tool to measure US layoffs, rose by 10,000 to 249,000 in the week ended November 11. The number of applications hit a six-week high and exceeded the 235,000 estimate. The more stable monthly average of claims rose by 6,500 to 237,750. The number of people already collecting unemployment benefits, known as continuing claims, fell by 44,000 to 1.86 million. That marks the lowest level since December 1973. New jobless claims rose in early November partly because of a big backlog of applications from the hurricane-battered isles of Puerto Rico and the Virgin Islands. Many people have been unable to work since Hurricane Maria slammed into the islands in September, causing prolonged power outages.

The Dow Jones Industrial Average added 187.08 points or 0.80 percent to 23,458.36, the Nasdaq gained 87.08 points or 1.30 percent to 6,793.29, and the S&P 500 edged higher by 21.02 points or 0.82 percent to 2,585.64.

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