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World Stocks Set New Highs, Dollar Weakens on Data

17 September 2017, 06:55 | Melvin Schneider

Wall Street mixed after record highs

Closing Summary Indexes September 15

USA stocks advanced Friday, with the Dow extending its record-breaking streak to four days, as tech shares led the market higher.

The Dow Jones Industrial Average closed at its fourth straight record, rising almost 0.3 per cent to 22,268.34, while the broader S&P 500 rose 0.2 per cent to 2,500.23, edging to a new all-time high.

The S&P 500 index rose 4 points, or 0.2 percent, to 2,500.

In parallel, the Commerce Department reported a 0.2% drop for retail sales volumes in August (consensus: 0.1%), alongside downwards revisions to prior month's data. The jump comes on the back of stronger-than-expected inflation numbers which increased expectations for a Federal Reserve rate hike. Investment Centers of America Inc.'s holdings in SPDR Dow Jones Industrial Average ETF were worth $1,636,000 at the end of the most recent reporting period.

US crude CLcv1 fell 0.2 percent to $49.79 per barrel and Brent LCOcv1 was last at $55.51, up 0.07 percent on the day. Prices rose nearly 5 percent in the week, buoyed by higher demand forecasts.

Gold fell 0.6 percent to $1,321.69 an ounce.West Texas Intermediaterose 0.1 percent to $49.93 a barrel. The biggest contributions to the gains were made by stocks in Boeing, 3M and Apple.

The Standard & Poor's 500-stock index powered past 2,500 for the first time, notching its third round-number milestone of the year as the bull market in USA equities rages on.

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Morsi served as Egypt's first democratically-elected president after the fall of former dictator Hosni Mubarak in 2011. Qatar was a main backer of Morsi and his Muslim Brotherhood movement while he was in power between 2012 and July 2013.

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Meanwhile, the technology-driven Nasdaq Composite Index (NYSEARCA:DIA) added 0.3% to 6,448.37. Many companies on the British FTSE 100 are multinationals whose overseas earnings are diminished in value when the pound appreciates against other currencies.

Economic data was nearly uniformly weak on Friday, mainly as a result of hurricane Harvey's impact, save for the so-called Empire State manufacturing index for September which slipped by just 0.8 points to 24.4, denoting confidence in the sector's outlook, according to analysts. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 2.202%.

The pound surged to $1.3571 from $1.3398, its highest since mid-2016. Brent crude, used to price global oils, gained 46 cents to $55.62 a barrel in London. Technology stocks helped indexes to gain.

Wholesale gasoline rose 3 cents to $1.66 a gallon. The euro weakened to $1.1906 from $1.1919.

The report said retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July.

MSCI's gauge of stocks across the globe gained 0.14 percent to set a new high for an index that tracks the performance of more than 2,400 stocks in 47 countries.



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