Market Roundup: Dow and S&P Close at Record Levels as Fed Maintains Rates

Indices ended trading with gains on Monday with both the Dow Jones Industrial Average and S&P 500 index closing at new records. Indices closed in the green zone again on Tuesday with advances made in the Telecommunications, Financials, and Technology sectors. The Dow and S&P 500 closed at record levels on Wednesday on a variety of economic news. The Federal Open Market Committee announced it will begin rolling off its $4.5 trillion balance sheet in October. The Fed will use caps, initially set at $6 billion per month, and will increase by $6 billion at three-month intervals over 12 months until it reaches $30 billion. Furthermore, despite strengthening in the labor market and modest economic growth, the FOMC decided to maintain the target range for the federal funds rate at 1.00%-1.25%. In housing news, existing-home sales decreased in August, as sales slipped 1.7% from July levels. Sales last month were still 0.2% above totals from August 2016. The indices took a turn and closed in the red zone on Thursday, as Technology stocks led the downswing. Additionally, the Department of Labor showed that first-time claims fell by 23,000 from the previous week’s revised level to 259,000, versus an expected increase to 300,000. The markets were mixed on Friday with the Dow shedding points while the S&P 500 and NASDAQ posted marginal gains. Crude oil ticked up just slightly to close at $50.66 a barrel following news of a dip in U.S. drilling. Weekly numbers from Baker Hughes showed oil rig totals fell by five to 744.

This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.