The Dow Jones Industrial Average and S&P 500 Index shed some points on Monday, while the NASDAQ Composite stepped up. Moves were mixed amid trade concerns, D.C. turmoil, and a jump in oil prices. Mixed moves were served up again the next day as the Dow and S&P 500 traded lower while the NASDAQ ended in green territory for the session. The major indices ended in the red zone on Wednesday, closing lower on Federal Reserve news. Commentary from the two-day meeting on monetary policy showed the central bank’s committee raised interest rates by a 0.25 percentage point to a range between 2% and 2.25%. Additionally, the Fed boosted its outlook for 2018 economic growth to 3.1%, from a 2.8% estimate in June. In housing news, new home sales ticked up in August with sales increasing 3.5% from a revised total for July, and are up by 12.7% from the August 2017 level. Market indices closed with gains on Thursday on a variety of economic news, including U.S. GDP growth increased in the second quarter. The Bureau of Economic Analysis’ third and final estimate showed real GDP ticked up by 4.2% following a 2.2% expansion in the first quarter. In other news, Department of Labor figures showed initial jobless claims rose by 12,000 to 214,000 in the week ended September 22. Additionally, durable goods orders ramped up in August, as new orders for products designed to last several years rose 4.5% last month. The market results were mixed on Friday with the Dow stepping up, the S&P 500 finishing along the flatline, and the NASDAQ closing with fractional gains. In a final note for the week, consumer confidence jumped up in September. In a final reading for the month, the University of Michigan Consumer Sentiment Survey hit 100.1. The result exceeded the August reading by 3.9 points.
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