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  3. US markets closed mostly up; S&P touches 1,900

US markets closed mostly up; S&P touches 1,900

14 May 2014 Evaluate

The US markets closed mostly higher on Tuesday, with the S&P 500 touching 1,900 for the first time ever, however the index closed just below that threshold and the Nasdaq lost some ground. On the economy front, small-business sentiment in May rose to the highest level in more than six years. Its small-business optimism index rose 1.8 points to 95.2, the first time it surpassed the 95 level since October 2007. There were gains in seven of the 10 components, notably a 9-point jump in those who expect the economy to improve. Americans shopped less in April after splurging in March, with retail sales rising a scant 0.1%. Excluding the auto sector, retail sales were unchanged. Retail sales account for about one-third of consumer spending, the main conduit of US economic activity. In the past 12 months, retail sales have risen 4%, about two-thirds the historic average.

Meanwhile, the prices paid for imported goods fell a seasonally adjusted 0.4% in April after a revised 0.4% gain in March. The drop in import prices stemmed mainly from lower fuel costs, which fell a seasonally adjusted 1.7%. That’s the first decline since November. Inventories at US businesses rose 0.4% in March. The inventory-to-sales ratio, an indication of demand, held steady at 1.30 in March from the prior month. One new piece of information was retail inventories, which were flat in March compared with a 1.5% increase in sales. The inventory-to-sales ratio in retail fell to 1.42 in March from 1.44 in February.

The Dow Jones Industrial Average was up by 19.97 points or 0.12 percent, to 16,715.44, the S&P 500 gained 0.80 points or 0.04 percent, to close at 1,897.45 while, the Nasdaq Composite lost 13.69 points or 0.33 percent, to 4,130.17.

The Indian ADRs closed mostly in red on Tuesday; Dr. Reddy’s Lab was down 2.26%, ICICI Bank was down 1.58%, Tata Motors was down 1.49% and HDFC Bank was down 1.03%. On the other hand, Infosys was up 0.34%.

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