June 22, 2018

Dow, S&P 500, Nasdaq edge up to new record peaks

20 September 2017, 01:08 | Lionel James

Traders work on the floor of the New York Stock Exchange in New York U.S

Traders work on the floor of the New York Stock Exchange in New York U.S

Wall Street stocks posted sharp gains last week. The Dow Jones Industrial Average rose 0.28% to 22,331.35 points, the S&P 500 gained 0.15% to 2,503.87 points and the Nasdaq Composite added 0.1% to 6,454.64 points.

USA stocks were still higher heading into the close, with the Dow Jones up nearly 43 at 22,373.

ANALYST TAKE: "While we're not expecting any surprises out of the meeting, in terms of another rate hike for example, we should learn a lot about how the Fed plans to tighten monetary policy going forward and that will determine how USA yields and the dollar respond", said Craig Erlam, senior market analyst at OANDA.

On the United States economic front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of August.

The report said housing starts fell by 0.8 percent to an annual rate of 1.180 million in August from a revised 1.190 million in July.

"We expect the Federal Open Market Committee will also signal via its economic projections and in [Fed chair] Yellen's commentary during the press conference that it still anticipates raising rates one more time this year, so long as incoming data support its projections for inflation and growth", Said Peter Hooper, chief economist at Deutsche Bank.

The Labor Department said imports prices climbed by 0.6 percent in August after edging down by 0.1 percent in July. Economists had expected import prices to rise by 0.4%. Export prices had been expected to edge up by 0.2%.

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Six of the index's 10 sectors were up, led higher by technology, energy and financial stocks.

Communications giant Sprint Corp (NYSE:S) saw shares add over 7% to US$8.22 as reports emerged of possible merger talks between it and T-Mobile.

The S&P 500 ended slightly higher on Monday as financial stocks rose ahead of a Federal Reserve meeting, but the Nasdaq pared gains sharply as technology stocks lost ground late in the session. The advance lifted the index to its best closing level in over a month.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Hong Kong's Hang Seng fell almost 0.4 per cent to 28,051.41, while the Shanghai Composite dipped 0.2 per cent to 3,356.84.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent after wobbling between positive and negative territory in early trading.

Meanwhile, the major European markets have turned mixed on the day. While the German DAX Index closed just above the unchanged line, the French CAC 40 Index and the UK's FTSE 100 Index rose by 0.2% and 0.3%, respectively.

In the bond market, treasuries moved modestly lower ahead of tomorrow's announcement by the Fed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.238%.

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