Stock futures trade cautiously after five days of gains
US stocks edge higher despite the partial government shutdown
Former congressman Jason Chaffetz (R-Utah) on how the stock market is edging higher despite the partial government shutdown and President Trump’s calls for border wall funding.
Equity futures are little changed after shares rallied for a sixth day.
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Dow Jones futures were unchanged. The S&P 500 slipped 0.1 percent and the Nasdaq Composite was off 0.2 percent.
Stocks spent Thursday in a tug-of-war between discouraging company news and encouraging statements from the Federal Reserve chairman. Initially, downbeat company reports held sway; but by the market’s close, stocks had booked their fifth straight day of gains.
In Europe, London’s FTSE traded up 0.3 percent, Germany’s DAX slipped 0.3 percent and France’s CAC was off 0.2 percent.
China’s shanghai Composite up 0.74 percent.
Hong Kong’s hang Seng finished the day higher by 0.55 percent,
Japan’s Nikkei closed the session with a 1 percent gain. up 0.97 percent. For the week, it added 4.1 percent.
|I:DJI||DOW JONES AVERAGES||24001.92||+122.80||+0.51%|
|I:COMP||NASDAQ COMPOSITE INDEX||6986.0678||+28.99||+0.42%|
The week of daily market gains resulted in two major equity averages exiting correction territory.
Early Thursday, department store shares tumbled after Macy’s turned in disappointing same-store sales during the critical holiday shopping season.
Meanwhile, airline shares dropped after American Airlines cut its guidance for earnings per share in the current fiscal year. That hit shares of rival carriers like JetBlue and Southwest Airlines.
But later Thursday, Federal Reserve Chairman Jerome Powell said low inflation gives the U.S. central bank the ability to be patient in raising its benchmark short-term interest rate.
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By the closing bell, stocks were trading at session highs, had booked a fifth straight day of gains and the Dow Jones Industrial Average and the S&P 500 exited correction territory.
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