US markets gain; Dow hits 17,000

04 Jul 2014 Evaluate

The US markets closed up on Thursday in an abbreviated trade and going for a long weekend, with Dow finally touching 17,000, fueled by a jobs report that was far stronger than expected but nonetheless isn’t shifting expectations about when the Federal Reserve will start raising interest rates. On the economy front, the US produced another big batch of jobs in June and the unemployment rate fell to a nearly six-year low as more people entered the labor force and found work, another strong signal that economic growth has accelerated after a dismal first quarter. The economy created 288,000 jobs last month, posting a fifth straight gain of 200,000 or more. The last time that happened was in 1999. The unemployment rate, meanwhile, fell to 6.1% from 6.3%. That’s the lowest jobless rate since September 2008. The US trade deficit shrank 5.6% in May to $44.4 billion from a revised $47.0 billion in the prior month. Exports rose 1% to a record $195.5 billion, driven by higher outbound shipments autos, petroleum and fish. Imports dipped 0.3% to $239.8 billion. Demand for foreign oil dropped to the lowest level since November 2010. And the daily average of crude oil imports fell to the lowest in 18 years.

Meanwhile, the number of people who applied for US unemployment benefits rose by 2,000 to 315,000 in the week ended June 28. Jobless claims, a proxy for layoffs, have been hovering near a post recession low for several months. The average of new claims over the past four weeks, meanwhile, edged up by 500 to 315,000. Also, the government said continuing claims increased by 11,000 to a seasonally adjusted 2.58 million in the week ended June 21. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago were revised up to 313,000 from 312,000.

Separately, the Institute for Supply Management services index dipped slightly to 56% in June from 56.3% in May. Any reading above 50% indicates expansion. While the new orders subcomponent rose to 61.2% from 60.5% and the employment index rose 2 points to 54.4%, the business activity index fell to 57.5% from 62.1%.

The Dow Jones Industrial Average added 92.02 points or 0.54 percent to 17,068.26, the Nasdaq was up 28.20 points or 0.63 percent to 4,485.93, while the S&P 500 gained by 10.82 points or 0.55 percent at 1,985.44.

Indian ADRs closed in green on Thursday; Tata Motors was up 0.99%, ICICI Bank was up 0.66%, HDFC Bank was up 0.24%, Infosys was up by 0.08% and Wipro was up 0.08%.

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