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US markets end higher on Wednesday

16 Sep 2021 Evaluate
The US markets ended higher on Wednesday on bargain hunting following the downward trend seen over the past several sessions. Traders were also digesting the latest batch of data, including a report from the Fed showing industrial production in the US increased by slightly less than expected in the month of August. The report said industrial production rose by 0.4 percent in August after climbing by a downwardly revised 0.8 percent in July. Street had expected industrial production to increase by 0.5 percent compared to the 0.9 percent advance originally reported for the previous month. The Fed noted late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3 percentage points.

A separate report from the Labor Department unexpectedly showed US import prices decreased for the first time since October of 2020 in the month of August. The Labor Department said import prices fell by 0.3 percent in August after climbing by an upwardly revised 0.4 percent in July. The drop surprised participants, who had expected import prices to rise by 0.3 percent, matching the increase originally reported for the previous month. Meanwhile, the report said export prices increased by 0.4 percent in August after jumping by a downwardly revised 1.1 percent in July. Street had expected export prices to advance by 0.5 percent compared to the 1.3 percent surge originally reported for the previous month.

Dow Jones Industrial Average rose 236.82 points or 0.68 percent to 34,814.39, Nasdaq surged 123.77 points or 0.82 percent to 15,161.53 and S&P 500 was up by 37.65 points or 0.85 percent to 4,480.7.

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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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