USA stock market opens with records

Andrew Cummings
October 6, 2017

"It really started to take off after news that the House passed a portion of the president's plan", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY. The Nasdaq Composite was down 13.79 points, or 0.21 percent, at 6,571.57. Strength in the IT and financial spaces pushed the market higher.

All three major indices finished at new all-time peaks for the fourth straight session, with the Dow Jones Industrial Average gaining 113.75 points (0.50 per cent) to 22,775.39. The S&P 500 had marked its sixth straight record closing high on Thursday, in large part due to gains in the technology index.

Financials and information technology led advancers in the S&P 500.

Also helping stocks, more data pointed to underlying strength in the USA economy despite weather-related disruptions, with the trade deficit narrowing in August and jobless claims falling more than expected last week. Plus, the better-than-expected August trade balance and factory orders data added momentum to the market. On October 5, it fell 4.57% to 9.19. The banking sector widely expects Quarles to play a key part in U.S. President Donald Trump's efforts to ease regulations. The benchmark 10-year yield advanced to 2.388 percent, while the two-year yield rose to 1.52 percent, notching its highest level since 2008.

The Labor Department's closely watched employment report showed nonfarm payrolls decreased by 33,000 jobs last month, the latest indication that the storms undercut economic activity in the third quarter.

Netflix surged 5.4 percent as it announced plans to increase subscription prices in the USA and parts of Europe.

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