Dow, S&P end at new records, brushing off North Korea, weak data

Sunday, September 17, 2017

Print this page Email A Friend!

NEW YORK, United States (AFP) — New York stock markets ended the week on an upbeat note, with new records for the Dow and S&P as investors brushed off weak US economic data and another North Korea missile launch.

Even after an attack on the London subway during the morning rush hour and data showing a big hurricane impact on US economic activity, Wall Street investors were determined to push prices higher.

“They seem to be looking past the economy. They want nothing to rain on their parade,” economist Joel Naroff said in a commentary.

The Dow Jones Industrial Average closed at its fourth straight record, rising nearly 0.3 per cent to 22,268.34, while the broader S&P 500 rose 0.2 per cent to 2,500.23, edging to a new all-time high. The tech-rich Nasdaq was up 0.3 per cent to 6,488.47.

“I'm a little perplexed,” said Chris Low of FTN Financial. “The data is on balance not very good.”

And every market sector showed increases, despite reports showing that Hurricanes Harvey and Irma had a big impact on US retail sales and industrial activity in August that is likely to cut economic growth in the third quarter.

But the weak data could offset the impact of a rise in consumer prices in the month, making it more likely that the Federal Reserve will hold off on raising interest rates a third time this year.

Oracle was down nearly eight per cent after earnings came in below expectations.

Google parent Alphabet lost 0.5 per cent after reports that it was considering a big investment in ride-sharing operation Lyft. Amazon also lost 0.5 per cent, but Apple added one per cent after its new product launch this week.




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon