US markets closed higher on Friday

10 Feb 2018 Evaluate

The US markets closed higher with a gain of around one and a half percent for the session on Friday, but recording the worst weekly losses in about two years, during one of the most frenetic stretches of trading on Wall Street. Climbing bond yields and higher inflation have been partly to blame for igniting once-dormant volatility in the market, with investors already on edge over lofty equity valuations following a mostly relentless uptrend for assets perceived as risky. The House of Representatives voted for a two-year budget deal that raises both defense and domestic spending by hundreds of billions of dollars, approving a package that would also reopen the federal government after it shut down just past midnight. The House followed the Senate in approving the sweeping bill, which would also suspend the debt limit through March 1, 2019. President Donald Trump tweeted that he signed the bill, which will reopen the government. The Senate voted 71 to 28 to approve the measure and send it to the House, where it passed 240 to 186. Conservatives objected to how much money it spends, and Democrats, including House Minority Leader Nancy Pelosi, voted against it since it excludes a deal on immigration.

Meanwhile, Federal Reserve Bank of Kansas City President Esther George said that the arrival of a surge of stimulative government spending and taxation policies at a time when the economy was already humming along increases the importance of pressing forward with interest rate increases. Because of this uncertain amount of fiscal stimulus, it is important that the Fed continue on its current path of policy normalization, with gradual increases in the target federal-funds rate. She noted that the Federal Open Market Committee outlook is currently eyeing about three rate rises this year and a similar amount in 2019, and said this is a reasonable baseline unless the outlook changes materially.

On the economy front, US wholesale inventories rose more than initially estimated in December, helped by a sturdy rise in auto stocks. The Commerce Department said that wholesale inventories rose 0.4 percent after a revised 0.6 percent rise in November. The department reported last month that wholesale inventories rose 0.2 percent in December. Auto inventories rose 1.7 percent after increasing 0.9 percent in November. The component of wholesale inventories that goes into the calculation of gross domestic product - wholesale inventories excluding auto stocks - rose 0.2 percent in December.

The Dow Jones Industrial Average added 330.44 points or 1.38 percent to 24,190.90, the Nasdaq gained 97.332 points or 1.44 percent to 6,874.49, the S&P 500 edged higher by 38.55 points or 1.49 percent to 2,619.55.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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