S&P500 +0.93%(2,901.52); NASDAQ +2.06% (8,109.54); DJIA +0.68% (25,964.82)
This week’s reports:
- Q2 2018 GDP Growth Annualized (second estimate) was 4.2% versus the first estimate of 4.1% and Q1’s growth of 2.2%.
- July’s Personal Income rose 0.3% from June’s +0.4%. Personal Spending rose 0.4%, the same as in June.
- August’s Michigan Consumer Sentiment Index rose to 96.2 from July’s 95.3.
- July’s Chicago Fed National Activity Index (CFNAI) fell to 0.13 from June’s 0.48.
- August’s Richmond Fed Manufacturing Index rose to 24 from July’s 20.
- August’s Chicago PMI fell to 63.6 from July’s 65.5.
US stocks closed out August with monthly gains, holding their ground even as jitters around trade negotiations drove investors out of major indexes elsewhere around the world. During the week, stocks came under pressure on rumors that the US and Canada were unable to reach a trade deal, and that President Trump was planning to move ahead with tariffs on Chinese imports. US shares erased their losses after officials said they would resume talks next week. Investors were also reassured by upbeat economic data and rising corporate profits.