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  3. US markets gain; rebound from previous day’s losses

US markets gain; rebound from previous day’s losses

22 May 2014 Evaluate

The US markets closed higher on Wednesday, rebounding from the previous day’s losses and ended the session with solid gains, led by advances in the consumer discretionary and energy sectors. Traders also took support from Fed’s policy meeting, according to the minutes from the April meeting released showed that Federal Reserve officials examined several approaches for the eventual tightening of monetary policy but only decided to be flexible, suggesting that the time for higher interest rates is drawing closer. Fed officials emphasized the need for base decisions on experience because of the unprecedentedly large size of the central bank’s balance sheet. The last time the Fed laid out its thinking on rate increases was in July 2011. But by making no decisions, the Fed is also keeping the market guessing and possibly distracted from the key issue of when the liftoff might occur.

Meanwhile, Narayana Kocherlakota, Minneapolis Fed president, stated that the central bank is undershooting both its inflation and employment goals. Kocherlakota suggested that the Federal Reserve target price levels, rather than an inflation rate, to make up for the lost output after the Great Recession. Kocherlakota argued that, in targeting an inflation rate as it currently does, the Fed is basically locking in several years of lost output. Kocherlakota enlightened that the Fed isn’t likely to adopt his policy anytime soon, with even the doves likely reluctant.

The Dow Jones Industrial Average was up by 158.75 points or 0.97 percent, to 16,533.06, the Nasdaq Composite added 34.65 points or 0.85 percent, to 4,131.54 and the S&P 500 gained 15.20 points or 0.81 percent, to close at 1,888.03.

The Indian ADRs closed on mixed note on Wednesday; Infosys was up 0.48%, HDFC Bank was up 0.30% and ICICI Bank was up by 0.22%. On the other hand, Dr. Reddy’s Lab was down 0.25% and Tata Motors was down 0.04%.

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