The US markets closed mostly higher on Thursday, with S&P 500 eking out modest gain, finishing at a record level for the 21st time this year. Markets’ reaction to positive economic data earlier was mostly muted. An index of manufacturing conditions in the Philadelphia region surprised to the upside in June, suggesting that factory activity may be accelerating across the nation. The Philadelphia Fed’s business outlook survey rose to 17.8 from 15.4 in May. This is the highest reading from the Philadelphia index since last September. With layoffs at very low levels and more jobs available, the number of Americans seeking unemployment benefits continues to hover near a post-recession bottom. Initial jobless claims declined by 6,000 to 312,000 in the week ended June 14. The average of new claims over the past month, meanwhile, dropped by 3,750 to 311,750 - just a hair above a seven-year low. The monthly figure smoothes out the jumpiness in the weekly data and offers a better look at underlying trends in the labor market.
Separately, economic growth could pick up during the second half of this year, according to a gauge of leading indicators that grew in May, a fourth month of expansion. The Conference Board’s leading economic index rose 0.5% last month to 101.7, with seven of 10 underlying indicators showing an improvement. The coincident index, which measures current conditions, rose 0.3% in May, while the lagging index grew 0.4%. April’s LEI growth was revised to 0.3% from a prior estimate of 0.4%.
The Dow Jones industrial Average gained 14.84 points or 0.09 percent to 16,921.46, the S&P 500 closed higher by 2.50 points or 0.13 percent to 1,959.48 while the Nasdaq lost 3.51 points or 0.08 percent to 4,359.33.
Indian ADRs closed mostly in red on Thursday; HDFC Bank was down by 0.28%, ICICI Bank was down 0.22% and Dr. Reddy’s Lab was down 0.08%. On the other hand, Infosys was up 0.44% and Wipro was up by 0.05%.