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Wall St. Hits New Record Highs as Financials, Industrials Gain
21 September 2017, 12:57 | Jenny Fowler
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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