Monday, 27 February 2017
US stock indexes to extend gains; data in focus
Wall Street stock indexes ended slightly higher on Friday, as investors looked ahead of remarks of President Donald Trump before Congress on Tuesday (21:00 GMT).
While analysts believe Trump won’t be giving much details on his economic measure, he could mention the upcoming tax reform, deregulation measures and other issues that are meant to pass through Congress later this year.
However, it’s also relevant to understand that lawmakers are currently focus in repealing Obamacare and a Supreme Court nomination rather than dealing with economic proposals.
The Dow Jones industrial average posted a relatively small gain on Friday, but it marked a 11-day winning streak, the longest since 1992. The S&P 500 added 0.15 percent to end at a new all-time high, while the Nasdaq composite was up 0.17 percent.
- Dow Jones Industrial Average: +0.05 percent / 20821.76 points
- Standard & Poor’s 500: +0.15 percent / 2367.34 points
- Nasdaq Composite: +0.17 percent / 5845.31 points
As for data, the Commerce Department said new home sales grew 3.7 percent in January, falling short from a forecasted 6.3 percent increase. Consumer sentiment for February came in at 96.3, above expectations of 96.0 points.
Later in the day, durable good orders for January will be published as of 13:30 GMT, with analysts pointing at a 1.7 percent build. Pending home sales are due at 15:00 and expectations currently stand at a 0.8 percent growth rate. President and CEO of the Federal Reserve Bank of Dallas Robert Kaplan will be speaking at 16:00 GMT.
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