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  3. US markets end higher on Wednesday

US markets end higher on Wednesday

20 Jul 2023 Evaluate

The US markets ended higher on Wednesday. The strength on markets extended the upward trend seen for much of recent days. Encouraging inflation data helped trigger the recent advance, as traders grow increasingly optimistic the Federal Reserve is nearing the end of its interest rate hikes. The Fed is still widely expected to raise rates by another quarter point next week, but traders are hopeful that will be the last. Data indicating the economy has held up relatively well in spite of the Fed's aggressive rate hikes has also led to confidence the economy will avoid a hard landing. Largely upbeat earnings news has added to the positive sentiment, with regional banks U.S. Bancorp (USB), Ally Financial (ALLY) and Citizens Financial (CFG) posting standout gains after reporting better than expected quarterly earnings.

Meanwhile, traders shrugged off a Commerce Department report showing a sharp pullback in housing starts in the month of June. The Commerce Department said housing starts plunged by 8.0 percent to an annual rate of 1.434 million in June after spiking by 15.7 percent to a revised rate of 1.559 million in May. Street had expected housing starts to plummet by 9.3 percent to a rate of 1.480 million from the 1.631 million originally reported for the previous month. The report said building permits also tumbled by 3.7 percent to an annual rate of 1.440 million in June after surging by 5.6 percent to a revised rate of 1.496 million in May. On the economic data front, Telecom stocks showed a substantial move to the upside on the day, extending the recovery from the sell-off seen on Friday and Monday. The NYSE Arca North American Telecom Index spiked by 3.7 percent, climbing further off its lowest closing level in over three years.

Dow Jones Industrial Average rose 109.28 points or 0.31 percent to 35,061.21, Nasdaq added 4.38 points or 0.03 percent to 14,358.02 and S&P 500 was up by 10.74 points or 0.24 percent to 4,565.72.


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