Sunday, 24 September, 2017

US Stocks Rise as Tech Leads; Dow Hits New Record

Closing Summary Indexes September 15 Wall Street mixed after record highs
Preston Stone | 17 September, 2017, 11:17

US stocks closed higher on Friday, with technology, financials, and telecommunication shares leading the way higher.

Led by gains in the price of gas, housing and vehicle insurance, consumer prices increased 0.4% in August, beating estimates for a 0.3% increase.

The S&P 500 rose less than a point to begin the day at 2,469 points, and the Nasdaq added 2 points to open at 6,431 points.

Sep 14 is a positive day so far for Guggenheim Dow Jones Indl Avg Div ETF (NYSEARCA:DJD) as the ETF is active during the day after gaining 0.26% to hit $31.5 per share.

The consumer price index's 0.4% gain last month was its biggest in seven months and is the last major economic data to be released ahead of the Federal Reserve's 19-20 September policy meeting.

DEAL DEAD: Chipmaker Lattice Semiconductor wobbled after the US government stopped its sale to a firm backed by the Chinese government because of national security concerns.

Power out for 2.2 million as restoration continues
In the wake of a storm, power companies avoid saying that service has been restored to every customer location. Georgia Power at one time had almost 1 million customers without power due to Hurricane Irma's strong winds.

In Asia, stocks were mostly lower on Friday in morning session after North Korea fired off another missile over Japan, ratcheting up geopolitical tensions and denting investor sentiment. The August decline in sales and downward revisions to the prior months make it more likely that consumption, the biggest part of the economy, will be hard-pressed to match the 3.3 percent growth pace of the prior quarter.

The outsize move in the Nasdaq was due to the technology sector, which climbed 0.4% thanks to strength in semiconductor stocks. The Nasdaq composite increased 24 points, or 0.4 percent, to 6,453. Amazon also lost 0.5 per cent, but Apple added one per cent after its new product launch this week. The contract rose 59 cents, or 1.2 percent, to settle at $49.89 a barrel Thursday, the highest closing price since the end of July.

US gold futures fell 0.16 percent to $1,327.20 an ounce.

Wall Street largely shrugged off reports showing an unexpected drop in USA retail sales last month and the first drop in industrial output since January, both in part due to the impact of Hurricane Harvey. The Federal Reserve said the weather and flooding was responsible for nearly all of the loss. The benchmark 10-year yield started the week near 2.09%; it traded around 2.19% Friday. Rival TransUnion lost $1.47, or 3.4 percent, to $41.61 and Experian fell 0.9 percent in London.

South Korea's Kospi index closed 0.4% higher, bouncing back from an earlier drop, as Asian markets overall finished mixed.

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