Published: Sun, September 17, 2017
Money | By Armando Alvarado

World Stocks Set New Highs, Dollar Weakens on Data

World Stocks Set New Highs, Dollar Weakens on Data

US stocks capped the best week since January, with the S&P 500 Index climbing above 2,500 for the first time, as investors showed resilience in the face of a North Korean missile test.

At 9.39am ET (9.39pm Singapore time), the Dow Jones Industrial Average was up 28.81 points, or 0.13 per cent, at 22,232.29, the S&P 500 was down 0.45 points, or 0.01 per cent, at 2,495.17.

The S & P 500 ended the week 1.6% higher and the Dow Industrials up by 2.2%, for a one-year gain in the latter of 26%.

USA retail sales unexpectedly fell in August as Hurricane Harvey likely depressed motor vehicle purchases, dropping 0.2 percent last month.

Industrial production in the USA fell 0.9 percent in August, the biggest drop in eight years, as Harvey knocked numerous oil refining, plastics and chemicals factories out of business for a time. Core CPI rose 1.7% from a year ago, while the headline number increased by 1.9%. Stocks in Apple and Facebook posted notable gains.

The University of Michigan's Consumer Sentiment Index was affected by US weather-related issues, which were a factor for the Index's decrease from 96.8 to 95.3. A value of 50-75 would signify a very strong trend, and a value of 75-100 would point to an extremely strong trend. The Nasdaq composite slumped 22 points, or 0.4 percent, to 6,437.

The pan-European FTSEurofirst 300 index of leading regional shares lost 0.41 percent to close at 1,495.38.

US gold futures fell 0.16 percent to $1,327.20 an ounce.

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The energy index climbed 0.39% after U.S. crude hit $50 per barrel for the first time since 10 August on a bullish demand forecast by the International Energy Agency. The institutional investor owned 7,668 shares of the company's stock after selling 933 shares during the period.

The consumer discretionary index.SPLRCD fell 0.54 percent, pulled down by a 0.74-percent decline in Amazon.com AMZN.O and a 0.93-percent dip in Walt Disney DIS.N. Brent crude, used to price worldwide oils, shed 35 cents to $55.12 barrel in London.

The pound surged to $1.3571 from $1.3398, its highest since mid-2016.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.20 percent.

Wholesale gasoline rose 3 cents to $1.66 a gallon.

The dollar advanced to 110.88 yen from 110.54 yen. South Korea's Kospi recouped initial losses to end 0.4 percent higher. The euro weakened to $1.1906 from $1.1919.

The S&P 500, up 11 percent in 2017, is trading at 17.6 times expected earnings, expensive compared with its 10-year average of 14.3, according to Thomson Reuters Datastream.

The Fed said Hurricane Harvey is estimated to have reduced the rate of change in total output by roughly three-quarters of a percentage point.

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