US markets closed higher; Dow tops 24,000 mark for the first time

01 Dec 2017 Evaluate

The US markets closed higher on Thursday and the Dow Jones Industrial Average topped 24,000 for the first time. The surge was on optimism over prospects for the Senate’s passage of a Republican tax-cut plan as one catalyst for the rise. The House previously passed its version of the measure. Differences between the two packages would have to be ironed out with a final bill winning approval in both houses before it would end up on President Donald Trump’s desk.

On the economy front, initial US jobless claims, a tool to measure layoffs, fell by 2,000 to 238,000 in the seven days ended November 25. The more stable monthly average of claims rose 2,250 to 242,250. The number of people already collecting unemployment benefits, known as continuing claims, increased by 42,000 to 1.96 million. New applications for unemployment benefits have subsided to a nearly 45-year low after a mini-surge in the early fall tied to a trio of hurricanes that battered the southern US and Caribbean territories. In Puerto Rico, for instance, raw claims sank 57% to return close to normal levels for the island. The strongest labor market in more than a decade in a half is likely to fuel higher home sales and household spending, boosting the economy for months to come.

Meanwhile, consumer spending rose a steady 0.3% in October following a nearly 1% gain in the prior month that was the largest in eight years. Personal income rose 0.4% for the second month in a row. The savings rate, meanwhile, edged up to 3.2% from 3%. Savings had fallen to a 10-year low in September. The PCE index, the Federal Reserve’s preferred inflation gauge, rose a scant 0.1% in October. The closely followed core rate that strips out food and energy advanced 0.2%. The rate of inflation over the past year fell slightly to 1.6%. The core rate was flat at 1.4%. Separately, the Chicago PMI fell to a three-month low of 63.9. It’s still a very strong reading, as any reading above 50 indicates improving conditions. Backlogs slipped to a three-month low, though in October they were at a 43-year high. MNI Indicators said last month’s strength wasn’t just because of demand but because of disruption from hurricanes. The employment indicator returned to positive territory in November, and the prices paid component was at the third-highest level of the year.

The Dow Jones Industrial Average added 331.67 points or 1.39 percent to 24,272.35, the Nasdaq gained 49.584 points or 0.73 percent to 6,873.97, and the S&P 500 edged higher by 21.51 points or 0.82 percent to 2,647.58.

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