While much of the Southeast was braced for Hurricane Irma, U.S. indices still closed in the green zone on Monday. The S&P 500 stepped up to a new all-time high. Crude oil prices ticked up as refineries previously closed because of Hurricane Harvey, started to resume production. The major indices closed Tuesday’s session at new record levels, as a promise of tax reform motivated the market. The rally continued the next day as indices closed with record highs for a second session. Energy brands led the upswing on a jump in crude oil prices, as West Texas Intermediate crude tacked on 2.2% to settle at a five-week high of $49.30 a barrel. In economic news, producer prices ticked up at a slower rate than expected in August. Bureau of Labor Statistics data showed the Producer Price Index climbed by 0.2% last month, versus an anticipated 0.3% increase. Core prices, which discount food and energy, gained 0.2%. Markets edged up again on Thursday, as did inflation indicator, the Consumer Price Index. CPI rose 0.4% in August, stronger than expected. Excluding food and energy, CPI rose 0.2%. The Dow Jones Industrial Average and S&P 500 closed at new record levels on Friday. Commerce Department data showed retail sales decreased by 0.2% in August versus expectations of a 0.1% gain. On another note, consumer confidence is on the wane for September. In a preliminary measure, the University of Michigan’s sentiment index fell to 95.3, a better reading than an expected 95.1.
