Stocks posted gains on Monday despite news that consumer confidence is on the wane. In a preliminary reading for August, the University of Michigan Consumer Sentiment Survey slipped to 95.3 from 97.9 in July. With second-quarter earnings season mostly in the rearview mirror, the major U.S. equity indices spent the day’s session in the green. However, the major indices closed out mixed along the flat line on Wednesday. The Dow Jones Industrial Average and S&P 500 Index ended fractionally lower while the tech heavy NASDAQ Composite ticked up slightly. Wednesday’s session marks the largest bull run on record at 3,453 days. In economic releases, investors learned existing-home sales dipped in July. Total sales fell 0.7% for the month and are down by 1.5% from the same period, a year ago. Additionally, minutes from the latest Federal Open Market Committee meeting showed concern over wage pressures. The Materials and Financials sectors led decliners on Thursday; but even the tick up in Technology stocks couldn’t help the indices from closing in the red zone. Weekly Department of Labor data showed new claims fell by 2,000 to 210,000 in the week ended August 18. Elsewhere, new-home sales dipped in July. Sales slipped 1.7% below June’s revised level, but were still up 12.8% from July 2017. Technology and Materials brands led the advance on Friday. The S&P 500 closed at an all-time record level while the NASDAQ hit a new peak intraday. In the final economic reports for the week, durable goods orders dipped in July. Orders for products intended to last several years fell 1.7%, marking the third decline in four months. On another note, Federal Reserve Chairman Jerome Powell spoke in Jackson Hole on Friday. Commenting on the interest rate, Powell said the U.S. economy wasn’t over-heating and gradual interest rate hikes would continue to be appropriate.
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