US markets gain; S&P 500 turns positive for the year

17 Apr 2014 Evaluate

The US markets closed higher on Wednesday, on earnings, economic data and Fed chief Janet Yellen’s comments, with three days of gains sending the benchmark S&P 500 into positive territory for the year. The Fed’s summary of economic conditions, known as the Beige Book, stated that the US economy picked up in most of the country as the weather improved. US economic activity increased in most of the country as the weather improved, particularly in the snow-ravaged northeast. The Beige Book, a collection of anecdotes about the economy published by the Federal Reserve, stated that 10 of its 12 districts saw improvement - mostly of the modest to moderate variety - but there was a decline in activity in the Cleveland and St. Louis regions. The return of the consumer was seen in most districts, as auto sales improved, a situation that harder data, like the retail-sales report, confirms. The Beige Book is based on information collected from February 24 to April 7, and this one was written by the Richmond Fed. Separately, Federal Reserve Chairwoman Janet Yellen reiterated that the decision on interest rates would be based on employment and inflation, further boosting sentiment. Yellen added that a strong economy with full employment and stable prices is tantalizingly on the horizon. She enlightened that the central bankers and many economists see a return to full employment and stable prices by the end of 2016.

On the economy front, industrial production grew more than forecast in March, and February’s data was revised higher to show the biggest monthly advance since May 2010. Industrial production grew 0.7% and February’s gain was revised to 1.2% from an initially reported 0.7%. The gains mean that production grew an annualized 4.4% in the first quarter. Capacity utilization rose in March to 79.2% from an upwardly revised 78.8% in February. Additionally, construction on new US homes in March hit the fastest pace in three months, led by single-family homes. Home-construction starts rose 2.8% to a seasonally adjusted annual rate of 946,000 last month, as they rebounded from a tough winter.

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 mixed on Wednesday; Tata Motors was up 0.72%, Infosys was up 0.55% and Wipro was up 0.19%. On the other hand, Dr. Reddy’s Lab was down by 0.69% and HDFC Bank was down 0.42%.

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