United States markets close at record levels

Andrew Cummings
September 16, 2017

USA stocks are rising Friday as technology companies turn higher and Boeing continues to lead industrial companies.

The Dow.DJI rose 0.2 percent to end at 22,203.48 points, while the S&P 500.SPX lost 0.11 percent to 2,495.62. Microsoft fell 36 cents to $74.41 and technology information and analysis company Gartner shed $1.91, or 1.6 percent, to $120.33.

Overnight, US Treasury Secretary Steve Mnuchin indicated at a conference hosted by CNBC and Institutional Investor that he expected tax reforms to be in place before the current year was out and that they might be made retroactive to 1 January.

The Standard & Poor's 500 index fell 2 points, or 0.1 percent, to 2,495. "The longer this period of calm continues, the more relaxed investors will become which will be better for riskier assets, while safe havens will continue to experience unwinding".

Retailers were also weak after the government said prices paid by consumers jumped in August.

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

Nordstrom was also in the spotlight after a report that it is taking steps to go private, while SeaDrill traded on the front foot after saying late on Tuesday that it has filed for bankruptcy protection and agreed a restructuring plan with its lenders.

Boeing rose another $3.30, or 1.4 percent, to $245.23.

The Dow rose 50 points, or 0.2 percent, to 22,253. Yields rise as bond prices fall.

The Nasdaq jumped 19.38 (+0.30 percent) and finished at 6,448.47, while the S&P 500 closed at a new record of 2,500.23, 4.61 (0.18 percent) higher than its open.

The Nasdaq composite slumped 31.10 points, or 0.5 percent, to 6,429.08 as big names like Facebook and Alphabet, Google's parent company, lost ground. The FTSE 100 in London dropped 1.3% as Britain's pound leaped to its highest level vs. the dollar since the U.K.'s June 2016 Brexit vote following comments from a Bank of England policymaker suggesting the bank was preparing to raise its interest rate targets. The FTSE 100 fell 1.1 percent after a 1.1-percent loss Thursday.

Core consumer prices also rose 1.7% year-over-year, official data showed. United Technologies gained $2.86, or 2.6 percent, to $113.14. Chipmaker Lattice Semiconductor fell 2.7 percent after the US government blocked a Chinese government-financed firm from buying it, citing national security grounds.

The Nasdaq composite fell 15 points, or 0.2 percent, to 6,445.

BONDS: Bond prices edged lower. The benchmark 10-year yield started the week near 2.09%; it traded around 2.19% Friday. In Japan, Tokyo's Nikkei 225 recovered to a 0.5% advance on Friday, leaving it up 3.3% for the week and marking its first weekly close above its 50-day moving average since July.

Other reports by iNewsToday