US markets gain for the second day in row

16 Apr 2014 Evaluate

The US markets closed higher on Tuesday, following a choppy session, bouncing back from a sizable drop that came after reports of fighting on the ground in Ukraine. Meanwhile, Fed Chairwoman Janet L. Yellen stated that the Federal Reserve is considering tougher rules for big banks to keep credit flowing in case of another financial crisis. Although officials from the Fed and regulatory agencies approved more stringent requirements for the eight largest banks last week, Yellen enlightened that additional measures might be needed to keep short-term credit markets from freezing up during stressful financial conditions. On the economy front, builder confidence in the market for newly built, single-family homes edged up slightly in April to a reading of 47 from 46 in March. The HMI index gauging current sales conditions in April held steady at 51 while the component gauging traffic of prospective buyers was also unchanged at 32.

Separately, consumer prices ticked up slightly in March pushed up by higher costs for shelter and food. The consumer price index increased 0.2% in March after a 0.1% gain in February. Excluding volatile food and energy prices, so-called core prices ticked up 0.2%. Core prices moved up 1.7% over the 12 months, up from 1.6% in February. Additionally, the Empire State manufacturing index, the first of the many regional manufacturing gauges to be released, slipped to 1.3 in April from 5.6 in March. The new-orders and inventories components both fell to negative territory from positive ground, while employment indexes showed a modest rise in employment levels and a slight increase in the average workweek. On a more positive note, the index for expected general business conditions advanced five points to 38.2.

The Dow Jones Industrial Average added 89.32 points or 0.55 percent, to 16,262.56, the Nasdaq Composite was up by 11.47 points or 0.29 percent, to 4,034.16, while the S&P 500 gained 12.37 points or 0.68 percent, to close at 1,842.98.

The Indian ADRs closed mostly in red on Tuesday; Infosys was down 2.60%, Tata Motors was down 1.68% and HDFC Bank was down 0.72%. On the other hand, Wipro was up 0.30% and Dr. Reddy’s Lab was up 0.27%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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