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  1. Home
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  3. US markets closed higher for fourth straight session

US markets closed higher for fourth straight session

15 Feb 2018 Evaluate

The US markets closed higher on Wednesday, booking a fourth consecutive gain after investors shook off initial anxieties prompted by a key consumer-inflation reading that showed the strongest monthly rise in five months. On the economy front, the consumer-price index leaped 0.5% in January to mark the biggest increase in five months, adding to recent worries about rising inflation. The cost of rent, clothes, gasoline, health care and auto insurance all rose. Higher consumer prices in January, however, didn’t substantially alter the overall picture on inflation. The increase in the CPI over the past 12 months remained unchanged at 2.1%. After stripping out volatile gas and food, the more closely followed core rate of inflation rose 0.3% last month. The 12-month rate of core inflation was also flat at 1.8%. Inflation-adjusted US wages declined by 0.2% in January.

Meanwhile, sales at US retailers fell by 0.3% in January - the biggest drop in almost a year - chiefly due to declines at auto dealers and home centers. And a previously reported increase in sales in December was wiped out. Excluding autos, retail sales were flat last month. And sales slipped 0.2% if autos and gas are stripped out. Separately, business inventories in the US rose 0.4% in December after a similar gain in the prior month. Sales rose 0.6% in December. The ratio of inventories to sales held steady at 1.33. One year ago, the inventory-to-sales ratio was higher at 1.37, reflecting an excessive buildup in production not matched by sales.

The Dow Jones Industrial Average added 253.04 points or 1.03 percent to 24,893.49, the Nasdaq gained 130.105 points or 1.86 percent to 7,143.62, the S&P 500 edged higher by 35.69 points or 1.34 percent to 2,698.63.


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