US markets slip; close at lowest point of the day

07 May 2014 Evaluate

The US markets slipped on Tuesday with Dow, the S&P 500 and the Nasdaq all ending the day down, snapping an eight week run of winning on Ukraine concern and some weak earnings. On the economy front, the US trade deficit shrank 3.6% in March as the nation boosted exports of oil and gas, the result of an ongoing resurgence in the domestic energy industry. Demand for commercial aircraft also surged. The trade gap narrowed to a seasonally adjusted $40.4 billion from a revised $41.9 billion in February. The February deficit was originally reported as $42.3 billion. Home prices rose in March, with certain regional markets posting fresh peaks, while the US as a whole saw a sharp slowdown in annual growth. In March, US home prices were up 1.4% from the prior month, as Arkansas was the only state where prices fell. Meanwhile, five states, including North Dakota and Texas, which have seen strong jobs growth, posted fresh peak prices in March.

Meanwhile, the Organization for Economic Cooperation and Development stated that US economic growth is set to rebound strongly in the second quarter as the scars of a brutally cold winter fade, but inflation pressures will remain tame through 2015. The OECD forecast US gross domestic product expanding at a 3.9% annual pace this quarter, and it expects growth to maintain a brisk pace for the remainder of the year as well. Separately, Federal Reserve Governor Jeremy Stein stated that the central bank needs to worry less about market volatility as he noted the feedback loop current policy encourages. Stein cited as an example the jump in long-term yields last summer in reaction to comments from then Federal Reserve Chairman Ben Bernanke on the asset-purchase program, even though the New York Fed’s survey of primary dealers indicated little change in expectations of the size of the program.

The Dow Jones Industrial Average was down by 129.53 points or 0.78 percent, to 16,401.02, the Nasdaq Composite lost 57.30 points or 1.38 percent, to 4,080.76 while the S&P 500 dropped 16.94 points or 0.90 percent, to close at 1,867.72.

The Indian ADRs closed mixed on Tuesday; ICICI Bank was down 0.27%, Dr. Reddy’s Lab was down 0.22% and Wipro was down 0.14%. On the other hand, Tata Motors was up 0.43% and Infosys was up 0.07%.

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