US markets closed higher as tax bill moves toward Senate vote

29 Nov 2017 Evaluate

The US markets closed higher on Tuesday, after bouncing around during the regular session as geopolitical tensions and domestic developments pulled the market in different directions. All three main indexes traded in record territory earlier but came off highs as North Korea tested a ballistic missile for the first time in more than two months. North Korea fired a ballistic missile which is believed to have flown about 620 miles before landing in the water between the Korean Peninsula and Japan. In retaliation, South Korea launched a precision strike missile exercise. But the indexes soon regained lost ground after a Republican tax proposal moved a step closer to a Senate vote. The Senate Budget Committee voted 12-11 to advance the Republican tax bill after Sens. Bob Corker and Ron Johnson joined fellow Republicans as yes votes.

On the economy front, consumer confidence surged yet again in November, with the index jumping to 129.5 from 125.9 in October. That’s the highest reading since November 2000 and easily exceeded the 124.8 forecast. Consumers were even more optimistic about the next six months. An index of future expectations rose to 113.3 from 109, besting a smaller increase in a gauge of current conditions. The present situation index edged up to 153.9 from 152. The S&P/Case-Shiller national index rose a seasonally adjusted 0.7% during the three-month period ending in September, and was up 6.2% compared to the same period a year ago. The 20-city index rose a seasonally adjusted 0.5% for the month and 6.2% for the year. Case-Shiller’s national index regained its previous, bubble-era peak last year - and is 5.9% higher as of September. But the 20-city index, which is skewed toward the metro areas that experienced the biggest booms, is still 1.5% shy of its 2006 high.

On the other hand, an early look at US trade patterns in October points to sharper-than-expected increase in the nation’s trade deficit at the start of the fourth quarter. The trade deficit in goods jumped 6.5% to $68.3 billion. That was much larger than the $65 billion estimate. The government’s advanced report on wholesale inventories showed a 0.4% decline in October. And advanced retail inventories slipped 0.1%.

The Dow Jones Industrial Average added 255.93 points or 1.09 percent to 23,836.71, the Nasdaq gained 33.837 points or 0.49 percent to 6,912.36, and the S&P 500 edged higher by 25.62 points or 0.98 percent to 2,627.04.

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