US markets closed higher on Thursday

30 Mar 2018 Evaluate

The US markets closed higher on Thursday, with major indexes climbing 1% in a broad rally that had nearly every sector participate in the gains and post strong weekly advances. The Atlanta Federal Reserve’s GDPNow forecast model showed that the US economy is on track to expand at a 2.4 percent annualized rate in the first quarter following the latest data on advanced trade data and personal spending. The latest estimate on gross domestic product was faster than the 1.8 percent growth pace calculated on March 23. US President Donald Trump said he may hold up a trade agreement reached this week with South Korea until after a deal is reached with North Korea on denuclearization.

On the economy front, the rate of layoffs in the US fell again in late March and dropped to the lowest level since 1973. Initial US jobless claims declined by 12,000 to 215,000 in the seven days ended March 24. The more stable monthly average of claims dipped by 500 and stood at 224,500. The number of people already collecting unemployment benefits, known as continuing claims, rose by 35,000 to 1.87 million. Separately, incomes for US workers increased strongly again in February, but consumers pocketed some of the money instead of spending it. Inflation also crept higher. Consumer spending advanced 0.2% last month, just half as fast as the 0.4% rise in incomes. The PCE index, the Federal Reserve’s preferred inflation gauge, rose 0.2%. So did the closely followed core rate that strips out food and energy. The rate of inflation over the past 12 months rose slightly to 1.8% to mark the biggest increase in a year. The core rate also edged up to 1.6%.

On the other hand, the University of Michigan’s consumer sentiment index was revised slightly lower to 101.4 from 102 in its final reading for March. This month the index hit the highest level since 2004. Other surveys also show that Americans are very confident in the US economy and their own financial well-being. Wealthier Americans expressed more worries about government economic policies, especially the Trump administration’s move to enact tariffs on steel and Chinese goods.

The Dow Jones Industrial Average added 254.69 points or 1.07 percent to 24,103.11, the Nasdaq gained 114.219 points or 1.64 percent to 7,063.44, while the S&P 500 was up by 35.87 points or 1.38 percent to 2,640.87.

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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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