US markets closed higher; Dow logs best one-day gain in two weeks

27 Apr 2018 Evaluate

The US markets closed higher on Thursday, with the Dow Jones Industrial Average booked its best one-day gain in about two weeks and the broader market all saw gains of at least 1% on the back of better-than-expected quarterly results and a retreat of government bond yields. Traders focused on the latest run of earnings from major tech companies, which managed to instill some confidence in the earnings season. So far this season, more than 80% S&P 500 companies have beaten forecasts, but the better-than-expected results have often failed to lift the companies’ share prices. The Atlanta Federal Reserve’s GDPNow forecast model showed that the US economy likely grew at a 2.0 percent annualized rate in the first quarter as a drop in advanced trade goods in March offset a decline in core capital goods orders last month. The latest estimate on gross domestic product was unchanged from the growth rate estimated on April 17.

On the economy front, the trade deficit in goods narrowed 10.3% to $68 billion, according to the government’s advanced report released. This was the first narrowing of the deficit in seven months and came in well below the $73.4 billion estimate. The government’s advanced report on wholesale inventories showed a 0.5% gain in March. And advanced retail inventories fell 0.4%. Imports fell 2.1% in March and the declines were widespread. Of the major categories, only auto imports rose in the month. Exports rose 2.4% during the month. The narrowing of the deficit in goods points to a smaller overall trade deficit in March. The rate of layoffs in the US fell in late April to the lowest level since 1969, yet another sign a roaring labor market shows no sign of cooling off. Initial jobless claims fell by 24,000 and stood at 209,000 in the week ended April 21. The more stable monthly average of claims declined by 2,250 and stood at 229,250. The number of people already collecting unemployment benefits, known as continuing claims, dropped by 29,000 to 1.84 million.

Meanwhile, orders for long-lasting or durable goods jumped 2.6% in March, riding a big increase in contracts for Boeing planes. Yet orders were flat minus transportation and business investment fell for the third time in four months. Stripping out planes and cars, orders minus transportation were unchanged. Transportation often exaggerates the ups and downs in orders because of lumpy demand from one month to the next. Orders for commercial jets surged last month after the usual slow period at the start of a new year. Bookings leaped almost 45%. Orders for autos rose just 0.1%, however.

The Dow Jones Industrial Average added 238.51 points or 0.99 percent to 24,322.34, the Nasdaq gained 114.94 points or 1.64 percent to 7,118.68, and the S&P 500 was up by 27.54 points or 1.04 percent to 2,666.94.

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