The week started off with gains as the Dow Jones Industrial Average achieved its ninth record closing high in a row and the S&P 500 index ticked up to record level highs. Sentiment was reversed Tuesday as the indices concluded trading in the red zone after trading in a narrow range throughout the day. The Dow was down 61 points in intraday trading after President Trump said the United States would respond to any additional threats from North Korea “with fire and fury like the world has never seen.” The volatility continued mid-week as tensions between the United States and North Korea rattled markets around the world. In the United States, indices ended Wednesday with relatively mild losses. In economic news, the Energy Information Administration data showed U.S. stockpiles of oil slipped by 6.5 million barrels in the past week, versus an estimated decrease of 2.7 million barrels. For the session, West Texas Intermediate crude tacked on 0.8% to settle at $49.56 a barrel. Stocks traded lower again on Thursday amid persistent tensions between the United States and North Korea and a variety of economic news. Producer prices declined in July, as the Bureau of Labor Statistics data showed prices slipped 0.1%, versus an expected increase of 0.1%. In other reports, initial jobless claims ticked up last week. New claims increased by 3,000 to 244,000, while claims for the previous week were upwardly revised by 1,000. The week ended with indices closing with slight gains on Friday as stocks rebounded slightly from downswings earlier in the week. The Consumer Price Index rose 0.1% in July, versus forecasts for a 0.2% uptick. Discounting food and energy, the core CPI edged up 0.1%.
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