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US Market Indexes Close Lower on Tuesday
16 May 2018, 12:43 | Lionel James
S&P 500; US Indexes Fundamental Daily Forecast – Investors Banking on Favorable US – China Trade Deal
The prospect of higher mortgage rates weighed on home builders, while the rise in bond yields sent stocks that pay high dividends lower. The blue-chip Dow Jones grew by 68.24 points, with UnitedHealth and Walmart being the best-performing stocks in the index. At 3.08% earlier today, it was the highest yield since July 2011.
But core retail sales - which exclude gasoline, automobiles, building materials and food services - rose at a brisker 0.4-per -ent monthly pace over March, suggesting consumer spending is accelerating after its first quarter slowdown.
Share prices fell Wednesday in Asia after losses in technology and health care companies snapped an eight-day winning streak for the Dow Jones industrial average.
The proximate trigger for the rise in yields was the release of U.S. retail sales data, which contained some upward revisions to prior months, and an Empire manufacturing survey that showed the highest prices paid component since 2011.
BONDS: The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday.
ENERGY: Benchmark U.S. crude oil gave up 15 cents to $71.16 per barrel in electronic trading on the New York Mercantile Exchange. Drugmaker Celgene slid 3.9 percent to $81.98.
Benchmark US crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. Brent crude, used to price worldwide oil, added 20 cents to close at $78.43 a barrel in London. The dollar rose against its major peers.
The biggest drags on the sector were Kinross Gold Corp., which fell 2.5 per cent, and Barrick Gold Corp., which dropped 1.9 per cent. Silver dropped 38 cents, or 2.3 percent, to $16.27 an ounce. Williams said he thought the "new normal" for the neutral rate was around 2.5% (he added that he didn't expect the fiscal stimulus to have any more than a 0.25% impact on neutral) while Kaplan put it in a range of 2.5-3%. Natural gas dipped a penny to $2.84 per 1,000 cubic feet. Apple Inc. fell 0.9%. Britain's FTSE 100 added 0.2 percent. In Japan, the Topix index was off 0.2%. Australia's S&P/ASX 200 lost 0.6 percent.
The North Korean government reportedly threatened to cancel high-stakes talks with the Trump administration because of joint US-South Korean military drills. Hong Kong's Hang Seng fell 0.8%.
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Pennsylvania has closed primaries, meaning only members of a particular political party will be able to vote for party candidates. Mike Stack is fighting for another term in office after a first term in which he had a chilly relationship with Democratic Gov.