US markets end mostly higher on Thursday

12 Jul 2019 Evaluate

The US markets ended mostly higher, with the Dow and S&P settling at an all-time highs, on Thursday after Federal Reserve Chairman Jerome Powell left investors feeling fairly confident about the odds of an interest rate cut later this month. Powell testifying Wednesday before the House Financial Services Committee and Thursday in front of the Senate Banking Committee gave investors more hope that a rate cut is coming. Some support also came in due to a 5.5 percent jump by UnitedHealth (UNH), which rallied along with other health insurers on reports that President Donald Trump is abandoning a plan to eliminate rebates from government drug plans. The proposal was the centerpiece of Trump's blueprint to lower drug costs but faced stiff resistance from pharmacy-benefit managers.

On the economic front, first-time claims for US unemployment benefits unexpectedly fell in the week ended July 6, according to a report released by the Labor Department. The report said initial jobless claims dropped to 209,000, a decrease of 13,000 from the previous week's revised level of 222,000. Street had expected jobless claims to inch up to 223,000 from the 221,000 originally reported for the previous week. With the unexpected decrease, jobless claims dropped to their lowest level since hitting 193,000 in the week ended April 13. The Labor Department said the less volatile four-week moving average also slipped to 219,250, a decrease of 3,250 from the previous week's revised average of 222,500.

Besides, with a steep drop in gas prices offset by an increase in the cost of shelter, the Labor Department released a report showing an unexpected uptick in US consumer prices in the month of June. The Labor Department said its consumer price index inched up by 0.1% in June, matching the slight increase seen in May. Street had expected consumer prices to come in unchanged. The unexpected uptick in consumer prices came even though energy prices tumbled by 2.3% in June after falling by 0.6% in May. Gas prices plunged by 3.6%.

Dow Jones Industrial Average surged 227.88 points or 0.85 percent to 27088.08 and S&P 500 was up by 6.84 points or 0.23 percent to 2999.91, while Nasdaq declined 6.49 points or 0.08 percent to 8196.04.

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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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