US markets closed higher on strong earnings

22 Nov 2017 Evaluate

The US markets closed higher on Tuesday, finding support on another round of strong earnings, with technology shares leading the way. Investors focused on a number of corporate earnings and positive economic data. Trading volumes were expected to thin out this week as investors prepare for the long weekend following Thanksgiving holiday. The three equity benchmarks are up between 16% and nearly 28% for the year, helped by factors such as an expanding US economy, growth in corporate profits and bets that the Trump administration will deliver tax cuts and other business-friendly policies. Federal Reserve Chair Janet Yellen stuck by her prediction that US inflation will soon rebound but offered an unusually strong caveat. A day after announcing her retirement from the US central bank, planned for early February, Yellen said the Fed is nonetheless reasonably close to its goals and should continue to gradually raise interest rates to keep both inflation and unemployment from drifting too low. Yellen added that she does not believe that inflation expectations have drifted down too much despite five years of below-target US price readings.

On the economy front, the Chicago Fed’s index of national economic activity surged to positive 0.65 in October from a sharply upwardly revised positive 0.36 in September. Even August’s weak reading was revised to show a smaller decline than previously reported. October’s reading is the highest for the volatile index since positive 0.94 in December 2006. The index’s less-volatile, three-month moving average improved to positive 0.19 in October from a negative 0.05 in September. Sales of previously-owned homes jumped to a seasonally adjusted annual pace of 5.48 million in October. Existing-home sales ran at a 5.48 million annual rate in October, up 2% to the best monthly rate since June. The median sales price was $247,000, up 5.5% from 12 months ago, and October marked the 68th-straight month in which prices rose compared to a year ago. At the current sales pace, it would take 3.9 months to exhaust the available supply of homes, down from 4.4 months a year ago. Inventory declined 3.2% during the month, to 1.80 existing homes. That’s 10.4% lower than a year ago, the 29th month of lower inventory versus the year-earlier period.

The Dow Jones Industrial Average gained 160.5 points or 0.69 percent to 23,590.83, the Nasdaq added 71.763 points or 1.06 percent to 6,862.48, and the S&P 500 edged higher by 16.89 points or 0.65 percent to 2,599.03.

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