undergroundnewsroom.com March 20, 2018

Wall St. Hits New Record Highs as Financials, Industrials Gain

21 September 2017, 12:57 | Jenny Fowler

Illustration Chad Crowe

Illustration Chad Crowe

Despite the choppy trading, the Dow reached a new record intraday high.

The blue-chip and tech-heavy was unchanged, at 7:06AM ET (11:06GMT), the inched up 1 point, or 0.02%, while the tech-heavy edged forward 1 point, or 0.01%. It's expected to keep its key interest rate steady but begin unwinding its balance sheet.

"The most important thing Yellen needed to communicate to the market was that the bond sale plan and rate increases are not on autopilot", said Jason Pride, director of investment strategy at Glenmede in Philadelphia.

The Dow is up 37.20 points or 0.2 percent at 22,368.55, the Nasdaq is up 2.52 points or less than a tenth of a percent at 6,457.16 and the S&P 500 is up 2.55 points or 0.1 percent at 2,506.42.

On the USA economic front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of August.

The continued decrease surprised economists, who had expected existing home sales to edge up to an annual rate of 5.46 million.

Data showed US homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by weakness in the multifamily home segment. The S&P 500 gained 1.11 points, or 0.04 percent, to 2,507.76.

The Labor Department said imports prices climbed by 0.6 percent in August after edging down by 0.1 percent in July. The sector has risen in eight of the last nine sessions and has clocked a 6.7 percent gain in that time as investors anticipated the Fed meeting.

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Meanwhile, Caterpillar rose two percent, hitting a record high after UBS analysts said the company was due to benefit from growing spending in the mining and construction sectors.

Western Digital WDC.O slipped 3.36 percent after Reuters reported Japan's embattled Toshiba 6502.T has chosen a group led by private equity firm Bain Capital to buy its prized memory chip unit.

Financial stocks have also moved to the upside on the day, while weakness visible among biotechnology and healthcare stocks.

Biotechnology stocks are seeing considerable strength, however, with the NYSE Arca Biotechnology Index climbing by 1.5 percent.

In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance during trading on Wednesday.

US Treasuries declined, pushing yields on the 10-year note two basis points higher to 2.22 percent, the highest in more than a month, according to Bloomberg.

Health index was the biggest laggard on the S&P, pulled lower by United Health's 2.2 percent fall.

The major European markets also ended the day roughly flat.

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