New York (Benchmark News) – Stocks on Wall Street ended higher on Thursday (17/11/1999), as investors consider the statement of the Chairman of the Federal Reserve Janet Yellen at the center of a number of economic data.
Index Dow Jones Industrial Average climbed 35.68 points or 0.19 percent to close at 18,903.82 points. S&P 500 index increased 10.18 0.47 points or percent to end at 2,187.12 points, and the Nasdaq composite index rose 39.39 0.74 points or percent to 5,333.97 points.
In his testimony in front of the U.S. Congress Joint Economic Committee on Thursday, Yellen said that would be appropriate for the central bank to raise interest rates relatively quickly, and warned risks of maintaining interest rates low for too long.
“The Committee (Federal open market) rate that the reason to increase the range of the target continued to strengthen and that such an increase could also be a right relatively close if incoming data give some further evidence of continued progress towards the goals of the Committee,” said Yellen.
Analysts took the remarks as a clear indication that the central bank could raise interest rates in the next month.
According to CME Group FedWatch tools, market expectations for a rise in interest rates December reached 90.6 percent.
On the economic side, the number of new homes that are built (housing starts) a privately owned in the U.S. in October was at an annual rate that is adjusted seasonally 1.323 million units, the Commerce Department announced Thursday.
“A huge Surge in new homes built in October shows there will be a surge in new homes coming to the market in the year 2017, which would alleviate some price pressure,” said Sophia Kearney-Lederman, an economic analyst at FTN Financial.
Meanwhile, the consumer price index for all urban consumers increased by 0.4 per cent in October, seasonally adjusted, on a par with the market consensus, the U.S. Labor Department reported Thursday.
In a separate report, the Ministry said that in the week ending November 12, numbers introduction to unemployment initial claims are adjusted seasonally reach 235,000 19,000, down from the previous week’s revised level of 254,000, according to the U.S. Department of labor…(Red)