Wall Street Ends Week Marginally Higher


Wall Street Ends Week Marginally Higher

US stocks ended slightly higher sending the major benchmark marginally higher for the week, in a week marked by choppy trading and stocks fluctuations over the timing of the commencement of the Federal Reserve’s monetary tightening policy.

The Dow Jones Industrial Average advanced by 69.15 points or 0.4% at 17,447.0 with Dow component Du Point & CO leading the gains with a 1.47% gain.

The Blue Chip Index advanced by more than 0.6% for the week despite fluctuating between major gains and losses throughout the week.

The S&P 500 Index ended 8.15 points or 4 % higher at 2,091.54 points with mine of its ten key sectors ending higher for the day.

The benchmark index ended 0.7% higher for the week.

The Nasdaq Composite advanced 14.68 points or 0.3% at 5,048.24 to end 0.1% higher for the week.

The stocks were aided by a string of upbeat but predominantly unspectacular economic reports on Friday leaving most traders unable to determine the direction of the stocks.

US produce prices advanced for the third straight month in July to ease fears over oil prices dragging on inflation.

US industrial output grew at its highest rate in more than 8 months beating Reuters’ analysts’ forecasts and indicating that US manufacturing was regaining its foothold after slowing down for some time.

Separately, however, a report by the Commerce Department showed that US wholesale prices grew at a slower than expected rate in July while confidence by US consumers fell for a second consecutive month in August.

Most analysts, however, expect the Federal Reserve to go ahead and commence its rate hike during their next policy meeting in September.

“Economic data has been a bit better than expected and people are not worrying as much about China,” Paul Zemsky, head of multi-asset strategies at Voya Investment Management LLC, told Bloomberg.

“Those are helping, and the fact that the yuan has stabilized and hasn’t come crashing down has given a bid under the market.”

To contact the reporter of the story: Samuel Rae at samuel@forexminute.com