US markets closed mostly lower; Dow ekes out minor gain

28 Nov 2017 Evaluate

The US markets closed mostly lower on Monday, after touching intraday records as an early rally in retail shares largely fizzled. However, the blue-chip Dow bucked the weak trend to eke out modest gain. Investors are also watching for developments surrounding the Republican tax plan, with a Senate vote on proposed tax changes expected this week - perhaps as early as Tuesday. Republican leaders have said they expect both the House and Senate will hammer out a deal on taxes before year-end. Dallas Fed President Robert Kaplan, who previously expressed uncertainty over the need for a December rate increase, said he would support a quarter-point hike. Kaplan also noted concerns about potential financial imbalances, observing that the stock market has now gone 12 months without a 3% decline. Kaplan warned about excesses in the economy, pointing specifically to stocks and the government debt. He signaled he considers the risk of an overheating labor market and possible imbalances in financial markets to outweigh the chance that inflation could continue to under-run the Fed’s 2-percent goal.

On the economy front, new-home sales surged to a decade high in October, running at a 685,000 seasonally adjusted annual rate that was 6.2% higher than a downwardly revised September pace. Sales of newly constructed homes skyrocketed in September, to a 620,000 pace, in October. But September’s figure, originally reported as 667,000, was reduced to 645,000. The October number was the highest in precisely a decade, and stood 18.7% higher than a year ago. For the year to date, sales are 8.9% higher compared with the same period last year. At the current pace of sales, it would take 4.9 months to exhaust available supply, a bit leaner than in September, when there were 5.2 months’ worth of supply on the market. The median price of a new home sold in October was $312,800, 3% higher than a year ago.

The Nasdaq lost 10.639 points or 0.15 percent to 6,878.52, the S&P 500 edged lower by 1 points or 0.04 percent to 2,601.42, while the Dow Jones Industrial Average added 22.79 points or 0.10 percent to 23,580.78.

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