Nasdaq And S&P 500 Climb To Record Intraday Highs

While the Dow remains in negative territory, the Nasdaq and the S&P 500 have moved to the upside over the course of the trading session on Friday, reaching new record intraday highs.

Currently, the major averages continue to turn in a mixed performance. The Dow is down 11.47 points or 0.1 percent at 22,369.73, while the Nasdaq is up 31.84 points or 0.5 percent at 6,485.29 and the S&P 500 is up 5.63 points or 0.2 percent at 2,515.69.

The mixed performance on Wall Street comes as traders continue to digest the Republican tax reform plan and attempt to assess the path forward for the proposal.

A report from Bloomberg News said the vast majority of economists surveyed predicted that the tax reform plan would widen the budget deficit.

The Trump administration has argued that the stronger economic growth spurred by the tax cuts would offset the cost.

The modest drop by the Dow comes as notable losses by Merck (MRK) and Nike (NKE) are weighing on the blue chip index,

On the U.S. economic front, the Commerce Department released a report showing personal income and spending both rose in line with economist estimates in the month of August.

The Commerce Department said personal income edged up by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July.

Economists had expected income to rise by 0.2 percent compared to the 0.4 percent increase originally reported for the previous month.

The report said personal spending also inched up by 0.1 percent in August after climbing by an unrevised 0.3 percent in July. The uptick in spending matched expectations.

A separate report from MNI Indicators unexpectedly showed a significant acceleration in the pace of growth in Chicago-area business activity in the month of September.

MNI Indicators said its Chicago business barometer jumped to 65.2 in September from 58.9 in August, with a reading above 50 indicating growth.

The substantial increase by the business barometer came as a surprise to economists, who had expected…

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