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  3. US markets end marginally higher on Friday

US markets end marginally higher on Friday

17 Aug 2024 Evaluate

The US markets, after struggling for direction in early deals, ended marginally higher on Friday as recent data has eased concerns about the economic outlook while also increasing confidence the Federal Reserve will cut interest rates next month. The Nasdaq and the S&P 500 closed higher for the seventh consecutive session and more than offset the steep drop seen early this month. On the economic data front, preliminary data released by the University of Michigan showed consumer sentiment in the U.S. has improved by more than expected in the month of August. The University of Michigan said its consumer sentiment index rose to 67.8 in August after falling to 66.4 in July. Street had expected the index to inch up to 66.9. The consumer sentiment index regained ground after hitting its lowest level since November 2023 in the previous month.

On the inflation front, the report said year-ahead and long-term inflation expectations were both unchanged from the previous month at 2.9 percent and 3.0 percent, respectively. Meanwhile, the Commerce Department released a report showing a sharp pullback by new residential construction in the month of July. The report said housing starts plunged by 6.8 percent to an annual rate of 1.238 million in July after jumping by 1.1 percent to a revised rate of 1.329 million in June. Street had expected housing starts to slump by 1.7 percent to an annual rate of 1.330 million from the 1.353 million originally reported for the previous month. With the sharp pullback, housing starts tumbled to their lowest level since hitting an annual rate of 1.053 million in May 2020.

Dow Jones Industrial Average rose 96.70 points or 0.24 percent to 40,659.76, Nasdaq gained 37.22 points or 0.21 percent to 17,631.72 and S&P 500 was up by 11.03 points or 0.20 percent to 5,554.25.  


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