US markets closed mostly up on private-sector hiring report

03 Jul 2014 Evaluate

The US markets closed mostly up on Wednesday, building slightly on the prior day’s sizeable advance, as a better-than-expected report on private-sector hiring underscored the economy’s recent strength. Federal Reserve Chair Janet Yellen stated that the central bank is prepared to raise interest rates to pop price bubbles in assets such as corporate or junk bonds if financial distress in those sectors developed and standard regulation were insufficient. Yellen emphasized, however, that raising interest rates is a blunt tool and should be used only if regulatory measures, such as requiring banks to hold more capital, fall short. Yellen noted that since the Fed has kept short-term interest rates near zero, investors have piled into higher yielding assets, causing corporate bond yields to fall sharply and bond prices to rise. Her remarks at the International Monetary Fund were the most detailed yet from a Fed official on the controversial question of whether the central bank should rely on monetary policy -- which is generally used to lower unemployment or head off inflation – to eliminate asset bubbles.

On the economy front, private-sector hiring ramped up last month, as employers added the most jobs since November 2012. June’s gain of 281,000 private-sector jobs blew past forecasts from economists, who had expected an increase of 210,000. In May, private-sector employers added 179,000 jobs. The strong report that showed broad-based job gains comes one day ahead of the government’s key monthly snapshot of the US labor market. US factory orders fell more-than-expected in May, underlining concerns over the US economic outlook. The factory orders dropped by a seasonally adjusted 0.5% in May, worse than forecast for a 0.3% decline. Factory orders for April were revised up to a gain of 0.8% from a previously reported increase of 0.7%.

The Dow Jones Industrial Average added 20.17 points or 0.12 percent to 16,976.24, the S&P 500 gained by 1.30 points or 0.07 percent at 1,974.62, while the Nasdaq was down 0.92 points or 0.02 percent to 4,457.73.

Indian ADRs closed mostly in green on Wednesday; HDFC Bank was up 1.02%, Tata Motors was up 0.68%, Dr. Reddy’s Lab was up 0.40% and ICICI Bank was up 0.16%. On the other hand, Infosys was down by 0.10%.

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