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  3. US markets end higher amid Brexit draft deal

US markets end higher amid Brexit draft deal

18 Oct 2019 Evaluate

The US markets ended marginally higher on Thursday as investors drew optimism from a Brexit draft agreement and upbeat third-quarter results from U.S. companies such as Netflix and Morgan Stanley. European Commission President Jean-Claude Juncker described the deal as fair and balanced for the EU and the UK and urged member nations to back the agreement. The deal could eliminate some of the Brexit uncertainty hanging over the global markets, although it remains to be seen if the agreement will be approved by UK lawmakers. However, upside remain capped as the Federal Reserve released a report showing a bigger than expected decrease in industrial production, with the strike at General Motors (GM) contributing to a drop in manufacturing output. The Fed said industrial production fell by 0.4 percent in September after climbing by an upwardly revised 0.8 percent in August. Street had expected production to edge down by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.

Meanwhile, after reporting a substantial increase in new residential construction in the previous month, the Commerce Department released a report showing a sharp pullback in US housing starts in the month of September. The Commerce Department said housing starts plunged by 9.4 percent to an annual rate of 1.256 million in September after soaring by 15.1 percent to a revised 1.386 million in August. Street had expected housing starts to drop by 3.2 percent to an annual rate of 1.320 million from the 1.364 million originally reported for the previous month. Besides, first-time claims for US unemployment benefits saw a modest increase in the week ended October 12, according to a report released by the Labor Department. The report said initial jobless claims edged up to 214,000, an increase of 4,000 from the previous week's unrevised level of 210,000. Street had expected jobless claims to inch up to 215,000.

Dow Jones Industrial Average rose 23.90 points or 0.09 percent to 27025.88, Nasdaq gained 32.67 points or 0.40 percent to 8156.85 and S&P 500 was up by 8.26 points or 0.28 percent to 2997.95.

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