S&P500 +0.68%(2,519.36); NASDAQ +1.07% (6,495.96); DJIA +0.25% (22,405.09)
This week’s reports:
- Q2 2017 GDP Growth Annualized (third estimate) was 3.1% versus the previous estimate of 3.0%.
- August’s Chicago Fed National Activity Index fell to -0.31 from July’s +0.03.
- September’s Dallas Fed Manufacturing Index rose to 21.3 from August’s 17.0.
- September’s Richmond Fed Manufacturing Index rose to 19 from August’s 14.
- August’s Durable Goods Orders rose 1.7% from July’s -6.8%. Durable Goods Orders ex. Transportation rose 0.2% from July’s +0.8%.
- September’s Chicago PMI rose to 65.2 from August’s 58.9.
- September’s Michigan Consumer Sentiment Index fell to 95.1 from August’s 95.3.
- August’s Personal Income rose 0.2% from July’s +0.3%. Personal Spending rose 0.1% from July’s +0.3%.
- July’s S&P/Case-Shiller Home Price Indices rose 5.8% y/y versus June’s +5.6% y/y.
- August’s New Home Sales fell 3.4% from July’s -5.5%. Pending Home Sales fell 2.6% from July’s -0.8%.
- Initial Jobless Claims for the week ending September 22nd rose by 12K to 272K. Continuing Jobless Claims for the week ending September 15th fell by 45K to 1,934K.
- US stocks rose to record levels as investors assessed the implications of Donald Trump’s tax proposal. Stocks were also lifted by reports that President Donald Trump and Treasury Secretary Steven Mnuchin met with former Federal Reserve governor Kevin Warsh, who supports de-regulation, to discuss the role of Fed chair.
- US equities capped an eighth straight quarter of gains, their longest winning streak since the start of 2015. The S&P 500 climbed 4% as corporate earnings rose, helping stocks endure hurricanes and political tensions. All four major US equity gauges – the S&P 500, Nasdaq, DJIA and Russell 2000 – ended September with year-to-date gains of at least 9% for the first time since 2013.