Wall Street marks fresh record highs before the weekend
2017-07-14 20:36:26 GMT (Economies.com)
Wall Street marks fresh record highs before the weekend

US stock indices closed higher on Friday, with both Dow Jones and Standard and Poor's 500 marking fresh record highs, as the tech sector in particular led the charge, following earlier data from the world's largest economy. 


Earlier US data showed consumer prices slowing down on a yearly basis in June, while retail sales fell further unexpectedly last month. 


US industrial production grew more than expected in June, while the Capacity Utilization Rate rose below expectations, as business inventories matched expectations in gains, while the preliminary UoM consumer sentiment survey fell unexpectedly in July. 


Federal Reserve Bank of Dallas President Robert Kaplan described in a speech about the Federal Reserve and monetary policy at the Center for Economic Studies of the Private Sector, in Mexico City, the recent inflation softening as transient, while a state of weakness dictates the pace of wages growth, and added that trimming down the Fed's balance sheet will be gradual with little impact on markets. 


Kaplan said the trade activity between the US and Mexico improves the local competitive edge, while expressing his confidence in US inflation reaching the FOMC's 2% target even if consumer prices slowed down every now and then, mentioning the need to see evidence of such firm direction upwards before hiking interest rates again this year. 


The mostly negative data earlier today came after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee yesterday, and now could force the Federal Open Market Committee to hold on tightening the policy in the July 25-26 meeting, weighing on the greenback today.


Dow Jones rose 0.07%, or 14.15 points to 21,567.24, while Standard and Poor's 500 jumped 0.47%, or 11.44 points to 2,459.27. NASDAQ Composite advanced 0.61%, or 38.03 points to 6,312.47. 


Gold futures due on August 16 rose 0.87% to $1,227.90 an ounce from the opening of $1,217.30, while the dollar index fell 0.62% to 95.13 from the opening of 95.76, marking a ten-month nadir. 


Otherwise, US crude futures due on August 16 rose one percent to $46.54 a barrel from the opening of $46.08, while Brent crude futures due on September 15 rallied 1.12% to $48.96 a barrel from the opening of $48.42. 

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