US markets slip; Nasdaq falls most since 2011

11 Apr 2014 Evaluate

The US markets slipped on Thursday, with Nasdaq Composite suffering its worst one-day percentage decline since November 2011. The market started on lower note after downbeat trade data from China rattled nerves, feeding concerns about slowing global demand. The US budget deficit narrowed sharply in March as tax receipts climbed and government spending fell broadly. The government’s shortfall was $37 billion, down 65% compared to the March 2013 deficit of $107 billion. In March, the government’s receipts of individual and corporate taxes were both higher. Total receipts were up 16% compared to March 2013. Spending, meanwhile, fell 14% in the month. Outlays were lower in most budget categories, including defense, education and agriculture. On the economy front, the prices paid for imported goods increased 0.6% in March. The rise in import prices in February was unchanged at 0.9%. Import prices in the first quarter rose by 1.9%, the biggest three-month gain since October 2012.

Separately, the number of people who applied for US unemployment benefits last week fell to a nearly seven-year low of 300,000, a sign the labor market might be experiencing a spring revival. Initial claims in the seven days ended April 5 sank by 32,000 from a revised 332,000 in the prior week. The last time claims were that low was in May 2007, six months before the Great Recession began. The average of new claims over the past month dropped by 4,750 to 316,250, marking the second lowest read since the end of the recession. The monthly figure smooth’s out the jumpiness in the weekly data and offers a better look at underlying labor-market trends.

The Dow Jones Industrial Average lost 266.96 points or 1.62 percent, to 16,170.22, the Nasdaq Composite was down by 129.79 points or 3.10 percent, to 4,054.11, while the S&P 500 dropped 39.10 points or 2.09 percent, to close at 1,833.08.

The Indian ADRs closed in red on Thursday; Dr. Reddy’s Lab was down 1.73%, ICICI Bank was down 1.70%, Infosys was down 1.34%, HDFC Bank was down 0.51% and Wipro was down by 0.29%.

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