Dow And S&P 500 Climb To New Record Closing Highs

Andrew Cummings
September 17, 2017

USA stocks opened mixed, with the S&P lower and the Dow Jones heading for higher ground, shrugging off concerns about North Korea's latest missile test.

And every market sector showed increases, despite reports showing Hurricanes Harvey and Irma had a big impact on United States retail sales and industrial activity in August that is likely to cut economic growth in the third quarter.

The S&P 500 was up about 2 points, or 0.1%, to 2,497, in relatively subdued trade but enough to take the broad-market index to an all-time high.

The report said industrial production slumped by 0.9 percent in August after climbing by an upwardly revised 0.4 percent in July.


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.

Global markets were mostly defensive with the UK's FTSE-100 losing more than 1% in value after the Bank of England said that some withdrawal of stimulus is likely appropriate "in the coming months", and China's Shanghai lower after data indicated the world's second largest economy is beginning to slow.

Energy firms were higher, but technology, health care and real estate companies weighed on the markets.

At 2:12 pm ET, the Dow Jones Industrial Average .DJI was up 0.24 percent at 22,256.23 points, while the Nasdaq Composite .IXIC added 0.28 percent to 6,446.84. The Nasdaq Composite fell 0.48% to 6,429, hurt by a 0.86% decline in Apple. The Russell 2000 index of smaller-company stocks picked up 6.69 points, or 0.5 percent, to 1,431.71. In a rare move, South Korea responded by immediately conducting a simulated strike of the North Korean launch site, while alerts were sent in Japan to smartphones of people living in areas where the missile passed over early Friday local time.


On the data front, US retail sales declined unexpectedly in August and were revised lower for July, raising question marks about the consumer-led recovery.

The Fed said Hurricane Harvey is estimated to have reduced the rate of change in total output by roughly three-quarters of a percentage point. Higher interest rates make borrowing more expensive and slow down economic growth. Rival TransUnion lost $1.47, or 3.4 percent, to $41.61 and Experian fell 0.9 percent in London.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.20 percent.

The US$226mln-valued company'sstock rose 3.5% on the news.


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