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  3. US markets gain; rebound from 3-session sell-off

US markets gain; rebound from 3-session sell-off

09 Apr 2014 Evaluate

The US markets edged higher on Tuesday, rebounding from three straight sessions of heavy selling. The trading was choppy throughout the day as renewed tensions in Ukraine weighed on global markets. On the economy front, the number of job openings in the US recently hit the highest level in more than six years, a trend that could precede faster employment growth in coming months. There were 4.17 million job openings in February - the most since January 2008 - up 4% from a year earlier. Openings in the private sector rose 5% over the year, while government openings declined. Separately, a measure of small-business optimism improved in March but still didn’t surpass January levels. The small-business optimism index rose 2 points to 93.4, helped in particular by those who expect real sales to be higher. Six of the ten components of the index rose, two were unchanged and two were lower.

Meanwhile, Minneapolis Federal Reserve President Narayana Kocherlakota stated that the central bank is not doing all it can to promote faster job creation and a quicker decline in the US unemployment rate. Kocherlakota restated his belief that the Fed is moving too fast to reduce economic stimulus meant to boost growth. He added that ha would prefer the Fed to maintain an easy-money policy until unemployment falls a lot further from its 6.7% rate - or inflation rises a lot faster. In March, Kocherlakota was the sole Fed official to dissent when the bank voted to trim its bond-buying economy stimulus program by another $10 billion a month.

The Dow Jones Industrial Average added 10.27 points or 0.06 percent, to 16,256.14, the Nasdaq Composite was up by 33.24 points or 0.81 percent, to 4,112.99, while the S&P 500 gained 6.92 points or 0.38 percent, to close at 1,851.96.

The Indian ADRs closed mostly in green on Tuesday; ICICI Bank was up 0.75%, Tata Motors was up 0.50%, Dr. Reddy’s Lab was up 0.47% and Infosys was up 0.30%. On the other hand, Wipro was down by 0.04%.

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