US markets end mostly higher on Wednesday

19 Jul 2018 Evaluate

The US markets ended mostly in green on Wednesday, as an anecdotal account of business conditions in the Federal Reserve’s 12 districts painted an upbeat picture of the domestic economy. The Fed’s Beige Book revealed a domestic economy that has rapidly expanded, but one that has run out of room to grow much faster as shortages of skilled workers and rising costs of raw materials risk impeding another leg of expansion. The anecdotal account of business conditions in the Fed’s 12 districts showed that 11 regions of the country were growing at a ‘modest’ pace or even faster. Only the states around St. Louis reported slight growth. Thus far, Wall Street moves have been influenced by economic reports and earnings. The most recent data, indicates that nearly 90% of the companies that have thus far reported quarterly results have beaten profit forecasts, establishing a solid trend for Wall Street.

On the economic front, the Commerce Department released a report showing a sharp pullback in new residential construction in the US in the month of June. The Commerce Department said housing starts plunged by 12.3% to an annual rate of 1.173 million in June after jumping by 4.8% to a revised rate of 1.337 million in May. Street had expected housing starts to drop by 2.2% to a rate of 1.320 million from the 1.350 million originally reported for the previous month. With the much bigger than expected decrease, housing starts fell to their lowest annual rate since hitting 1.158 million last September. Building permits, an indicator of future housing demand, also fell by 2.2% to an annual rate of 1.273 million in June after tumbling by 4.6% to a rate of 1.301 million in May. The continued decrease came as a surprise to Participants, who had expected building permits to climb to an annual rate of 1.330 million.

The Dow Jones Industrial Average surged 79.40 points or 0.32 percent to 25199.29 and the S&P 500 gained 6.07 points or 0.22 percent to 2815.62, while the Nasdaq was down by 0.67 points or 0.01 percent to 7854.44.

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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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