US markets gain on encouraging data

02 Jul 2014 Evaluate

The US markets closed higher on Tuesday, with the S&P 500 and the Dow Jones Industrial Average closing at record levels, as economic data continued to point to an improving economy. Federal Reserve Chairwoman Janet Yellen is set to discuss financial stability on Wednesday as observers worry that the Fed’s exit from its easy monetary policy stance will roil markets. On the economy front, US manufacturers remained on a second-quarter hot streak as new orders for cars, computers, chemicals and other products climbed to the highest of 2014. The Institute for Supply Management stated that its manufacturing index registered 55.3% in June, just a hair below May’s reading of 55.4%. The resurgence among American manufacturers suggests the plunge in first-quarter US growth was an aberration that’s quickly faded away. Outlays for US construction projects rose 0.1% in May to a seasonally adjusted annual rate of $956.1 billion. Looking at private outlays, spending rose 1.1% for nonresidential projects and dropped 1.5% for residential projects. For overall public construction projects, spending rose 1%.

Besides, as spring sales continued, US home prices in May rose 1.4%, and 10 states set record highs. Record prices were hit in states such as Texas, New York and North Dakota. Despite the monthly US gain, annual growth slowed down as more homes were put on the market for sale. Annual home-price growth hit 8.8% in May, down almost three percentage points from a quarter earlier. However, the final Markit reading of US manufacturing conditions in June totaled 57.3, compared to a preliminary reading of 57.5. Despite the slight decline, this is still the highest reading of the index since May 2010. New orders totaled 61.2 in June from 58.8 in May. Employment edged up to 54.0 in the month from 53.7 in May. Input costs hit the highest level in five months.

Meanwhile, Federal Reserve Bank of Philadelphia president Charles Plosser stated that the Federal Reserve should focus solely on price stability, as monetary policy has very limited ability to influence employment. Plosser called for maximum employment to be dropped from the Fed’s mandate on the grounds that monetary policy has a very limited ability to influence real variables in the economy.

The Dow Jones Industrial Average added 129.47 points or 0.77 percent to 16,956.07, the Nasdaq was up 50.47 points or 1.14 percent to 4,458.65 while, the S&P 500 gained by 13.09 points or 0.67 percent at 1,973.32.

Indian ADRs closed mostly in green on Tuesday; HDFC Bank was up 1.59%, Tata Motors was up 1.41%, Dr. Reddy’s Lab was up 0.44% and Wipro was up 0.13%. On the other hand, Infosys was down by 0.02%.

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