US markets closed higher on Tuesday

14 Feb 2018 Evaluate

The US markets closed higher on Tuesday, marking a third consecutive gain for equity gauges, ahead of a key inflation reading, even as shades of last week’s brutal selling lingered. Despite the multisession rally, the S&P 500 and the Dow remain more than 7% below record levels, hit late January, after massive declines that took hold in earnest last week. Investors have also been considering a $4.4 trillion federal budget that US President Donald Trump has proposed, which would see the deficit nearly double in 2017 and rise some $7 trillion over the next decade. Of course, few expect the budget in its current form will be enacted by Congress, especially given that it pushes for deep cuts in social programs. But the tax cuts signed into law in December and the spending deal reached last week are already seen as adding to the deficit.

Meanwhile, Cleveland Federal Reserve president Loretta Mester said that the recent stock market sell-off and jump in volatility will not damage the economy’s overall strong prospects, warning against any overreaction to the turbulence in financial markets. She added that while a deeper and more persistent drop in equity markets could dash confidence and lead to a pullback in risk-taking and spending, the movements we have seen are far away from this scenario. Mester said only after a record-setting run, and for now, I expect the economy will work through this episode of market turbulence and has not changed outlook. In her view, the underlying fundamentals supporting the economy are very sound.

On the economy front, the index of small-business optimism from the National Federation of Independent Businesses climbed two points to a reading of 106.9 in January. The closely watched index of sentiment among small-business owners roared higher in January after a December dip. The record level of enthusiasm for expansion follows a year of record-breaking optimism among small businesses. On the other hand, according to research released by the New York Fed, a decade later, echoes of the financial crisis still linger in mortgage debt data. The report found that states hit hardest by the Great Recession continue to have subdued mortgage balances relative to other states that avoided the turmoil. Some states, like Texas, North Dakota and Delaware, have mortgage balances more than 10% above their previous peak. There are eight states with balances at least 10% below their earlier peak, including Florida, Arizona, Nevada and California, all severely affected during the Great Recession.

The Dow Jones Industrial Average added 39.18 points or 0.16 percent to 24,640.45, the Nasdaq gained 31.546 points or 0.45 percent to 7,013.51, the S&P 500 edged higher by 6.94 points or 0.26 percent to 2,662.94.

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