Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets closed higher despite rising bond yields

17-May2018

US markets closed higher despite rising bond yields

The US markets closed higher on Wednesday, with major indexes advancing in a broad rally as investors appeared to shake off fears of rising bond yields, helping equities resume a recent uptrend. In addition, there was some political uncertainty surrounding North Korea, after Pyongyang overnight signaled its leader, Kim Jong Un, might pull out of next month's summit with President Donald Trump if the US insists on denuclearization for the isolated nation. St. Louis Federal Reserve Bank President James Bullard said he believes the Fed's policy rate is pretty close to neutral, and that further rate hikes would act to slow economic growth and push downward on inflation.

On the economy front, industrial production rose 0.7% in April. The gain was slightly above expectations of a 0.6% increase. There was a mix of revisions to the prior two months that were downward on net. Still, output rose at a 2.3% rate in the first quarter. Capacity utilization rose to 78% in April, a three-year high. Manufacturing output rose 0.5% in April after a flat reading in March. Motor vehicle output fell 1.3%. Mining output, which includes oil and gas production, rose 1.1% while utility output was up 1.9%. In April, the rise in industrial production was supported by increases in every major market group.

On the other hand, construction on new houses dropped 3.7% in April. The annual rate of new homes being built declined to 1.29 million last month from a revised 1.34 million pace in March that was the strongest since mid-2007.

The Dow Jones Industrial Average gained 62.52 points or 0.25 percent to 24,768.93, the Nasdaq gained 46.668 points or 0.63 percent to 7,398.30, and the S&P 500 was up by 11.01 points or 0.41 percent to 2,722.46.


Related News

View all news

US markets end mostly lower on Tuesday

The US markets ended Tuesday's choppy trading session mostly lower, as a surge in optimism over trade talks with China was offset by a plunge in crude prices. Besides, traders continued to express uncertainty......

US markets end significantly lower on Monday

Extending losses for second straight session, the US markets ended significantly lower on Monday, with all the major indices losing around two percent each, after a big decline in Apple shares, a rise......

US markets end with steep losses on Friday

The US markets ended the Friday's trade in red terrain with major indices ending with a cut of around a percent, as traders remain worried on renewed concerns about the outlook for interest rates on the......

Top News

View all news

RITES to acquire 33% stake in IRSDC

RITES has received in principle approval to acquire stake of 33% Equity Shares in Indian Railway Station Development Corporation (IRSDC). The Board of Directors of the company at their meeting held on......

Govt in favour of alignment of capital adequacy norms with Basel III norms

Instead of present stricter guidelines which restrict the lending capacity of lenders, the government is of the view that the Reserve Bank of India (RBI) should resort to Basel III norms for capital adequacy......

Infosys, Ashok Leyland and Reliance Infrastructure to see some action today

Infosys will open its next Technology and Innovation Hub in the State of Texas and hire 500 American workers in the state by 2020. The Hub will be located in Richardson, Texas and have a special focus......