US markets gain shrugging off Ukraine fears

06 May 2014 Evaluate

The US markets closed higher on Monday, as investors shrugged off earlier worries over the slowing economy in China and deteriorating situation in Ukraine. On the economy front, the US service sector and other non-manufacturing companies posted faster-than-expected growth last month, as production and new orders picked up. The Institute for Supply Management’s non-manufacturing index rose to 55.2% in April, the highest reading in six months, from 53.1% in March. Readings over 50% signal expansion - the higher the reading, the faster the expansion. Among 18 industries tracked by ISM, 14 reported growth last month. According to a Federal Reserve survey, banks in the US eased policies for loans to businesses including real estate companies during the first quarter amid stronger demand for credit. For households, banks reported easier standards on consumer credit card and auto loans. The central bank surveyed 74 domestic banks and 23 US units of foreign banks from April 1-15. Record lending by US banks is helping the economy rebound from a lull brought on by unusually harsh winter weather.

Meanwhile, Richard Fisher, president of the Federal Reserve Bank of Dallas stated that the US economy is moving in the right direction and getting stronger as private-sector payrolls increase. Fisher added that the Federal Reserve will likely bring its massive bond-buying program to an end in October, and only after that will it consider when to raise US interest rates. Fisher, who votes on Fed policy this year, has long wanted to end the bond-buying program and has warned that keeping rates too low for too long could feed unseen financial market bubbles.

The Dow Jones Industrial Average was up by 17.66 points or 0.11 percent, to 16,530.55, the Nasdaq Composite added 14.16 points or 0.34 percent, to 4,138.06 while the S&P 500 gained 3.52 points or 0.19 percent, to close at 1,884.66.

The Indian ADRs closed mostly in red on Monday; Infosys was down 0.25%, Wipro was down 0.12% and Tata Motors was down 0.10%. On the other hand, ICICI Bank was up 1.55% and HDFC Bank was up 0.52%.

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