Wall Street closes with profit

Wall Street closes with profit

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Encouraging economic data and the prospect of a tax reform later this year have boosted US stock exchanges on Thursday. US consumer spending increased more in July than in the previous month. At the same time, the rate of inflation of 1.4 per cent, which was declining in July, signaled a lessened likelihood that the central bank will once again turn to the interest rate this year.

Nasdaq rose 1 percent, to 6428.66 points. The leading Dow Jones index indexed 0.3 percent higher on 21952.35 points. The broad S&P 500 increased 0.6 up to 2471.61 points. For the month of August, the Dow therefore gained 0.3 percent, for the S & P of 0.1 and for the Nasdaq of 1.3 percent.

Furthermore, tropical storm Harvey continues to occupy the moods on Wall Street. Natural disaster caused fluctuations in crude oil and gasoline prices. By the storm, big players in the oil sector were forced to temporarily shut down refineries. According to Texas Governor Greg Abbott, that state may need much more than $ 125 billion from the US government to overcome it.

The winners, in particular, included shares from the healthcare industry. The industry index rose by 1.7 percent. Dow’s strongest riser was United Health Health Insurance with a gain of 1.5 percent. The pharmacists Pfizer and Merck added 1.4 and 1.2 percent.

Apple rose the third day in a row to a record high. The share went up by 0.40 percent. The record high was 164.52 dollars. For weeks now, the course has benefited from the upcoming presentation and launch of the new iPhone. On September 12, Apple is likely to introduce new products – including the iPhone 8, as expected.

Dollar General’s shares fell by 5.43 percent. The department store chain was disappointed with its profit forecast. For the shares of Campbell Soup it went down by 8.06 per cent. In the past quarter, the food company fell short of expectations in terms of sales and profits.

Ciena shares fell by 10.96 percent. Earnings of the equipment provider for the global telecommunication industry remained below the analysts’ estimates for the fourth quarter.

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Brayden Fortin is a American with numerous years of investment experience in the American Equity Market and in the Global Commodity Market. He has a B.Com degree from a well respected Canadian university and has experience working in the wealth management industry. He is interested in delving into numbers to analyze companies and markets. He won a couple of international strategy simulation competitions involving decision making through numerical analysis, and also scored in the top 50 on the Bloomberg Aptitude Test (out of nearly 200,000 test takers).

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