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  3. US markets end higher on Thursday

US markets end higher on Thursday

21 Jun 2019 Evaluate

The US markets ended higher with gains of around one percent on Thursday as traders continued to react positively to the Federal Reserve's monetary policy announcement on Wednesday. The Fed left interest rates unchanged as widely expected but signaled that the next change in interest rates is likely to be a rate cut. The FedWatch Tool currently indicates a 65.7 percent chance for a 25 basis point rate cut and a 34.3 percent chance for a 50 basis point rate cut.  Traders are likely to closely watch incoming economic data in the weeks leading up to the meeting for clues about the potential for lower rates. On the economic front, Labor Department released a report showing a modest decrease in first-time claims for US unemployment benefits in the week ended June 15. The report said initial jobless claims dipped to 216,000, a decrease of 6,000 from the previous week's unrevised level of 222,000. Street had expected jobless claims to edge down to 220,000.

A separate report from the Philadelphia Federal Reserve showed regional manufacturing activity was nearly stagnant in the month of June. The Philly Fed said its index for current general activity tumbled to 0.3 in June from 16.6 in May. While a positive reading still indicates growth in regional manufacturing activity, Street had expected the index to slip to 11.0. With the much bigger than expected decrease, the Philly Fed Index fell to its lowest level since turning negative in February. The steep drop by the headline index came as the shipments index plunged to 16.6 in June from 27.6 in May, while the new orders index slid to 8.3 from 11.0. The report said the number of employees index also dropped to 15.4 in June from 18.2 in May, indicating a slowdown in the pace of job growth. On the inflation front, the prices received index plunged to 0.6 in June from 17.5 in May and the prices paid index slumped to 12.9 from 23.1.

Dow Jones Industrial Average surged 249.17 points or 0.94 percent to 26753.17, Nasdaq rose 64.02 points or 0.80 percent to 8051.34 and S&P 500 was up by 27.72 points or 0.95 percent to 2954.18

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