Stocks eked out record closes in the major benchmarks again on Wednesday following an improved assessment of the US economy on the back of an upbeat Beige Book and solid individual data releases ahead of the Thanksgiving Day holiday Thursday.
The Dow Jones Industrial Average, DJIA, ended up 42.32 points or 0.15% at 28,164.00 for a record, while the S&P 500 added 13.11 points or 0.42% to 3,153.63, The Nasdaq was higher by 57.24 points or 0.66% and closed at 8,705.18.
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President Trump tweets, "New Stock Market Record today, AGAIN. Congratulations USA!
Key US data boosts markets
The second estimate of US Q3 GDP was 2.1% annualized, nudged up from 1.9%, with solid personal consumption but a lift in inventories which could detract from Q4 GDP. Oct durable goods orders rose a solid +0.6%m/m (vs est. -0.9%), the important ex-transport orders measure also rising +0.6%m/m (vs est. +0.1%m/m). Capital goods orders were also stronger than estimated (non-defence/ex-air rising 0.8%m/m, est. -0.2%m/m)
Chicago PMI rose in line with estimates in Nov but remains weak at 46.3 (est. 47.0, prior 43.2). The employment component was weak, though the decline in new orders was more subdued.
US Oct personal income was disappointing at flat m/m (est. +0.3%m/m) and with spending at +0.3% (as est.) the savings ratio slipped to 7.8% from 8.1%. Core PCE inflation was also disappointing at +1.6%y/y (est. +1.7%y/y).
Analysts at Westpac explained.
|Today last price||28174|
|Today Daily Change||12.00|
|Today Daily Change %||0.04|
|Today daily open||28162|
|Previous Daily High||28174|
|Previous Daily Low||28026|
|Previous Weekly High||28164|
|Previous Weekly Low||27676|
|Previous Monthly High||27280|
|Previous Monthly Low||25744|
|Daily Fibonacci 38.2%||28117.46|
|Daily Fibonacci 61.8%||28082.54|
|Daily Pivot Point S1||28067.33|
|Daily Pivot Point S2||27972.67|
|Daily Pivot Point S3||27919.33|
|Daily Pivot Point R1||28215.33|
|Daily Pivot Point R2||28268.67|
|Daily Pivot Point R3||28363.33|
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