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  3. US markets close lower; Dow snaps 5-day winning streak

US markets close lower; Dow snaps 5-day winning streak

12 Jun 2014 Evaluate

The US markets closed lower on Wednesday, with the Dow Jones Industrial Average snapping a five-day winning streak and retreating from the record level reached on Tuesday. Weighing on sentiment was a report from the World Bank, which cut a global growth forecast, saying that the harsh winter in the US and a conflict between Russian and Ukraine dragged growth in the US and Europe during the first quarter. The bank trimmed its global growth forecast to 2.8% for the year, from its 3.2% forecast in January. Still, the bank stated in its Global Economic Prospects report that growth in the US and Europe will accelerate this year as the effect from government spending cuts recedes, labor markets improve, and pent-up demand starts to flow through high-income economies.

On the economy front, the US government recorded a budget deficit of $130 billion in May, which is 6% lower than in the same month last year. For the fiscal year to date, the federal government’s deficit is $436 billion, 30% lower than the same period in fiscal 2013. The government spent $330 billion in May, 2% less than in May 2013. Receipts were $200 billion, 1% more than the same month last year. The government’s fiscal year runs from October to September.

The Dow Jones Industrial Average was down by 102.04 points or 0.60 percent, to 16,843.88, the Nasdaq Composite lost 6.07 points or 0.14 percent, to 4,331.93 and the S&P 500 dropped 6.90 points or 0.35 percent, to close at 1,943.89.

The Indian ADRs closed mostly in green on Wednesday; Infosys was up 2.46%, Dr. Reddy’s Lab was up by 0.56% and HDFC Bank was up 0.20%. On the other hand, Tata Motors was down 0.37% and ICICI Bank was down by 0.03%.

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