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  3. US markets close higher on Thursday

US markets close higher on Thursday

28 Sep 2018 Evaluate

The US markets closed higher on Thursday as solid data bolstered confidence in the economy a day after the Federal Reserve raised interest rates for the third time this year. The Fed on Wednesday raised interest rates in a widely expected move, and indicated it would do so again at its December meeting, as well as three more times in 2019. The Fed also raised its gross domestic product growth forecasts for 2018 and 2019, and dropped the phrase that its policy remains accommodative. However, the removal of the word should be taken as an indication that the economy is performing as expected, emphasized Fed Chairman Jerome Powell during the news conference following the Fed’s announcement.

On the economic front, the Labor Department released a report showing a modest rebound in initial jobless claims in the week ended September 22. The report said initial jobless claims rose to 214,000, an increase of 12,000 from the previous week’s revised level of 202,000. Street had expected jobless claims to rise to 210,000. The slightly bigger than expected increase came after jobless claims hit their lowest level since December of 1969 in the previous week. Besides, the Commerce Department data also showed that a much bigger than expected jump in durable goods orders in the month of August. It said durable goods orders surged up by 4.5% in August after falling by a revised 1.2% in July. Excluding a spike in orders for transportation equipment, durable goods orders inched up by just 0.1% in August after rising by 0.2% in July. Ex-transportation orders had been expected to increase by 0.5%. A separate report released by the Commerce Department showed the pace of US economic growth in the second quarter was unrevised from the previous estimate. The report said gross domestic product increased at an annual rate of 4.2% in the second quarter, unchanged from the estimate released last month.

Dow Jones Industrial Average surged 54.65 points or 0.21 percent to 26,439.93, the S&P 500 gained 8.03 points or 0.28 percent to 2,914.00 and Nasdaq was up by 51.60 points or 0.65 percent to 8,041.97.

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