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August 21, 2017 - US Daily Stock Market Update
U.S. Stocks Advance, Dollar Drops as Bonds Rise By Bloomberg
Yellen, Draghi due at Jackson Hole amid inflation concerns.
Trading volumes light after two weeks of losses in equities.
Most U.S. stocks rose, while the dollar edged lower amid growing unease about persistent low inflation and as investors await central bank speeches at Jackson Hole.
The S&P 500 Index eked out an advance in the final hour of trading to halt a two-day slide that had taken stocks to the lowest level since July. Trading 18 percent below the 30-day average. Emerging-market equities edged higher, while European shares slipped. The yen strengthened past 109 per dollar. Treasuries climbed, gold resumed its trudge toward $1,300 per ounce and oil fell.
Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi will be among the officials addressing this year’s installment of the annual conference hosted by the Kansas City Fed. The summit, held at a Wyoming mountain retreat, comes as central banks in advanced economies grapple with ending years of unprecedented monetary easing, even as stubbornly tepid inflation clouds the outlook.
“The key event this week is the Jackson Hole central bank policy forum which begins on Thursday,” Citigroup strategists including Peter Goves wrote in a note to clients. “The market spotlight will likely focus on Yellen, given the generally low U.S. inflation environment and the likelihood of Fed balance sheet reduction occurring relatively soon.”
Among the key events this week:
Amazon.com Inc.’s bid for Whole Foods Market Inc. faces a shareholder vote on Wednesday.
Combined sales of new (data Wednesday) and previously owned (Thursday) U.S. homes probably edged up in July from the prior month, indicating a still robust real estate market held in check by rising property prices, economists forecast.
A verdict in the graft trial of Samsung Group heir Jay Y. Lee is due Friday.
Botswana, Hungary, Indonesia, Kazakhstan and Tunisia set monetary policy.
A raft of survey data will probably show euro-area growth slowed in the third quarter.
The annual Jackson Hole economic symposium begins on Thursday.
The S&P 500 rose 0.1 percent to 2,428.29 at 4 p.m. in New York. Almost 280 stocks rose, while 220 retreated.
The Stoxx Europe 600 Index dipped 0.4 percent.
The MSCI All-Country World Index advanced 0.1 percent.
Germany’s DAX Index lost 0.8 percent.
The MSCI Emerging Market Index added 0.3 percent.
The euro advanced 0.4 percent to $1.1810.
The Bloomberg Dollar Spot Index declined 0.3 percent to the lowest since Aug. 3.
The British pound climbed 0.2 percent to $1.29.
The Japanese yen increased 0.4 percent to 108.82 per dollar, the strongest in almost four months on a closing basis.
The yield on 10-year Treasuries fell one basis point to 2.18 percent, the lowest in almost two months.
Germany’s 10-year yield fell one basis point to 0.40 percent.
Gold advanced 0.4 percent to $1,287.75 an ounce.
West Texas Intermediate crude lost 1.3 percent to $47.88 a barrel.
Japan’s Topix index fell 0.1 percent at the close with volume was about 16 percent below the 30-day intraday average. South Korea’s Kospi index lost 0.1 percent. Australia’s S&P/ASX 200 Index dropped 0.4 percent, with BlueScope Steel Ltd. tumbling as much as 23 percent after the company reported disappointing earnings.
Hong Kong’s Hang Seng Index added 0.4 percent and the Shanghai Composite Index was up 0.6 percent.
The MSCI Asia Pacific Index slid 0.1 percent.
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Click Here For The Complete 2017 Schedule
Housing Alerts Free Real Estate Investing Webinar / August 22
CandleCharts Academy Free Training Event / August 22
Track 'n Trade Live Forex Futures & AutoPilot Trading Free Webinars / August 22
TradeStation The Three Legs of Successful Automated Trading Free Webinar / August 22
MetaStock Successful Trading with MetaStock XV Free Webinar / August 22
MTPredictor Professional Trading Software Training Room Webinar / August 22
TC2000 Free Stock Investing Trading Class / August 25 Philadelphia Pennsylvania
Options University TradeSmith Video Weekly Newsletter / August 28
Options University Stock Success School / September 09 to 10 Las Vegas NV
TC2000 Free Stock Investing Trading Class / September 15 Tarrytown New York
Dr. Van Tharp Systems Thinking for Traders Workshop / September 19 to 21 Cary NC
Dr. Van Tharp London Traders Workshops / October 13 to 23 London
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