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  3. US markets closed mostly higher; Dow reports minor loss

US markets closed mostly higher; Dow reports minor loss

09 Jan 2018 Evaluate

The US markets closed mostly higher on Monday, with the S&P 500 and Nasdaq at records as gains in energy and industrials helped the benchmarks finish in positive territory in the first five sessions of 2018 on optimism over a stronger economy and looming fiscal stimulus. Atlanta Fed President Raphael Bostic said that the Fed should keep raising interest rates but at a slower pace than last year. He also indicated that he is comfortable with a slow removal of policy accommodation if the economy continues to grow and inflation picks up. San Francisco Fed President John Williams suggested that the central bank could better head off recession by sticking to lower interest rates for longer to bolster inflation over the next few years. He added that he would like to see three interest rate hikes this year given the accommodative support from tax cuts.

On the economy front, outstanding consumer credit rose by $27.95 billion in November from the prior month, the largest increase in 16 years. This measure of non-real estate debt climbed at a 8.83% seasonally adjusted annual rate, the fastest pace in more than two years. Total outstanding credit had increased a revised $20.53 billion in October. Revolving credit outstanding, mostly credit cards, increased at a 13.3% annual pace in November. Non-revolving credit outstanding, mainly student and auto loans, rose at a 7.2% annual pace. Household debt totaled $12.955 trillion in the third quarter, up 0.9% from the spring. That was the most on record, though the figure wasn't adjusted for inflation.

The Nasdaq gained 20.828 points or 0.29 percent to 7,157.39, the S&P 500 edged higher by 4.56 points or 0.17 percent to 2,747.71, while the Dow Jones Industrial Average lost 12.87 points or 0.05 percent to 25,283.00.



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