US markets closed mostly higher; Dow reports modest loss

19 Apr 2018 Evaluate

The US markets closed mostly higher on Wednesday, while the Dow industrials ended lower as IBM’s shares got walloped; however, gains in shares of energy-related firms helped the broader market post modest gains. The street showed a muted reaction to the release of the Beige Book report, which underscored that economic activity remained at a modest to moderate pace in March and early April. The Federal Reserve reported that robust business borrowing, rising consumer spending, and tight labor markets indicate the US economy remains on track for continued growth, with the risks of a global trade war the one big outlier. In its periodic Beige Book summary of contacts with businesses in its 12 regional districts, the Fed said the overall outlook among businesses remained positive, but that many were worried about the Trump administration’s use of tariffs. In fact, the word tariffs appeared 36 times in report after not appearing at all in the previous Beige Book published March 7. It was referenced as a factor affecting prices or as a potential concern for the outlook in 10 of the 12 regional banks’ activity summaries. Several Fed districts reported a jump in commercial and industrial lending, from a robust 17 percent year-over-year increase in St. Louis to solid growth in Atlanta and healthy demand in Cleveland.

Meanwhile, New York Fed President William Dudley said that after a decade of ultra loose policy, the Federal Reserve will likely raise interest rates to a slightly restrictive setting in the years ahead as unemployment falls and inflation ticks higher. He was among the US central bankers last month to mark up forecasts that show the policy rate rising to about 3.4 percent by 2020, a full half a percentage point above the current estimate of neutral. He repeated his support for gradual rate hikes given inflation remains below a 2-percent target, and predicted prices will edge higher. The Fed hiked rates last month and predicted two or three more rises before year end.

The Nasdaq gained 14.137 points or 0.19 percent to 7,295.24, the S&P 500 was up by 2.25 points or 0.08 percent to 2,708.64, while the Dow Jones Industrial Average lost 38.56 points or 0.16 percent to 24,748.07.

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