{"id":113954,"date":"2017-10-03T08:35:35","date_gmt":"2017-10-03T12:35:35","guid":{"rendered":"http:\/\/countingpips.com\/?p=113954"},"modified":"2017-10-03T07:05:04","modified_gmt":"2017-10-03T11:05:04","slug":"us-stock-indices-hit-record-highs-on-positive-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/us-stock-indices-hit-record-highs-on-positive-data\/","title":{"rendered":"US stock indices hit record highs on positive data"},"content":{"rendered":"
October 3, 2017<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

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SP 500, Dow and Nasdaq rally on higher ISM manufacturing inedx and construction spending<\/h2>\n<\/div>\n<\/div>\n

US stock indices<\/b>\u00a0closed at record highs on Monday with expectations of strong third quarter results and tax reform boosting investor risk appetite. The dollar resumed strengthening: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.6% to 93.048.\u00a0S&P 500\u00a0<\/em>closed 0.4% higher settling at fresh record 2529.12, led by health care and financial stocks. The\u00a0Dow Jones\u00a0<\/a>industrial average rallied 0.7% to record high 22557.60 supported by gains in 3M and Goldman Sachs shares. The\u00a0Nasdaq\u00a0<\/em>composite index added 0.3% to all time high 6516.72.<\/p>\n

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Positive manufacturing data supported market sentiment: the ISM manufacturing index advanced two points from 58.8 in August to 60.8 in September, the highest reading since 2004. A reading of 50 indicates expansion in manufacturing services activities. Construction spending also rose. Treasury yields inched higher despite dovish comments by Fed officials. Minneapolis Fed President Neel Kashkari, who isn\u2019t a voting member of the Fed\u2019s policy-setting committee this year, said the central bank should not raise rates until inflation hits the 2% target. And Dallas Fed President Rob Kaplan, a voting member of the Fed policy committee, said the Fed should be \u201cpatient\u201d with monetary policy until a rise in inflation.<\/p>\n<\/div>\n<\/div>\n

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Weak euro supports European indices<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>ended higher on Monday supported by a weaker euro after independence referendum in Catalonia in Spain. The\u00a0euro<\/em>and\u00a0British Pound\u00a0<\/em>extended losses against the dollar. The Stoxx Europe 600 index rose 0.5%, the eight gain in a row. The\u00a0DAX 30\u00a0<\/em>ended 0.6% higher at record high 12902.65. France\u2019s\u00a0CAC 40\u00a0<\/em>rose 0.4%. UK\u2019s\u00a0FTSE 100\u00a0<\/a>outperformed gaining 0.9% to 7438.84. Indices opened 0.1%-0.3% higher today.<\/p>\n

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Euro fell on prospect of European Union political instability after more than 800 people were injured in clashes with police in independence referendum in Spain\u2019s Catalonia. The referendum had previously been declared illegal by the central government in Madrid. The independence referendum may result in a secession of Spain\u2019s wealthiest region. Pound declined against the dollar after data showed growth in UK\u2019s manufacturing sector slowed in September: manufacturing PMI declined to 55.9 from 56.7 in August. And euro-zone\u2019s manufacturing PMI for September was downgraded to 58.1 from flash reading of 58.2.<\/p>\n

\"GB<\/p>\n<\/div>\n<\/div>\n

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Asian markets follow Wall Street\u2019s lead<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly higher today following Wall Street rally overnight.\u00a0Nikkei\u00a0<\/em>closed 1.1% to two-year high 20614.07 as yen continued slide against the dollar. China\u2019s and South Korea\u2019s markets are closed for holidays. Hong Kong\u2019s\u00a0Hang Seng\u00a0<\/em>Index is up 2% after markets opened following a public holiday on Monday and China’s central bank cut reserve ratios over the weekend to encourage lending. Australia\u2019s All Ordinaries Index is down 0.5% as the Reserve Bank of Australia kept interest rates at a record low 1.5%, stating a stronger local currency would slow the economy. Australian dollar accelerated decline against the greenback.<\/p>\n

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Oil edges lower<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are inching lower today on continued global glut concerns. Iraq said on Monday that exports rose slightly in September from its southern oilfields. Prices rallied last week after Turkish President Erdogan threatened to cut off the pipeline that carries between 500,000 and 600,000 barrels per day oil exports from Iraq\u2019s Kurdistan region. However Erdogan has not acted on his threat. December Brent crude fell 1.2% settling at $56.12 a barrel on London\u2019s ICE Futures exchange on Monday.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets SP 500, Dow and Nasdaq rally on higher ISM manufacturing inedx and construction spending US stock indices\u00a0closed at record highs on Monday with expectations of strong third quarter results and tax reform boosting investor risk appetite. The dollar resumed strengthening: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-113954","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=113954"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113954\/revisions"}],"predecessor-version":[{"id":113968,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113954\/revisions\/113968"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=113954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=113954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=113954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}