US markets end mostly higher on Thursday

20 Sep 2019 Evaluate

The US markets ended mostly higher on Thursday following better-than-expected housing and manufacturing data a day after the second interest rate cut of 2019 by the Federal Reserve. A report on the US housing market and manufacturing data in the Philadelphia area helped to hearten investors about the state of the US economy. The National Association of Realtors said existing-home sales rose 1.3% in August from the previous month to a seasonally adjusted annual rate of 5.49 million, marking the strongest pace of sales since March of last year. The Philadelphia Federal Reserve’s manufacturing index fell to 12.0 in September after registering a reading of 16.8 in August. Any reading above zero indicates improving conditions. Meanwhile, after reporting a much bigger than expected drop in first-time claims for US unemployment benefits in the previous week, the Labor Department released a report showing a modest rebound in initial jobless claims in the week ended September 14.

The report said initial jobless claims inched up to 208,000, an increase of 2,000 from the previous week's revised level of 206,000. Street had expected jobless claims to climb to 213,000 from the 204,000 originally reported for the previous week. Despite the upward revision, jobless claims in the previous week were at their lowest level since hitting a nearly 50-year low of 193,000 in April. Some cautiousness prevailed in the markets amid continued uncertainty about the outlook for interest rates following the Federal Reserve's monetary policy announcement on Wednesday. The Fed lowered interest by 25 basis points as expected but indicated officials are mixed about whether the central bank should cut rates again before the end of the year. While seven participants expect another rate cut before the end of year, five expect rates to remain unchanged and another five expect rates to be raised back to 2 to 2-1/4 percent. The central bank reiterated that it will 'act as appropriate' to sustain the economic expansion, with a strong labor market and inflation near its symmetric 2 percent objective.

Nasdaq added 5.49 points or 0.07 percent to 8182.88 and S&P 500 inched up by 0.06 points to 3006.79, while Dow Jones Industrial Average declined 52.29 points or 0.19 percent to 27094.79.

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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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Investing in stocks, mutual funds, debt, and gold
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A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
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