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  3. US markets jumps on good economic data

US markets jumps on good economic data

04 Jan 2012 Evaluate

The US markets surged on the start of a new trading year after a gauge of US manufacturing hit a six-month high, adding to cheer that began with solid data from overseas with unemployment falling to a two-decade low last year in Germany and indexes for China’s services and manufacturing industries rising in December. US factories expanded in December at the fastest pace in six months. The Institute for Supply Management reported that its manufacturing survey rose to 53.9 last month from 52.7 in November. The production and employment gauges each rose 3.3 points, and there was a 0.9 percentage point gain for the new orders index. Also, the Commerce Department reported that construction spending climbed 1.2% in November, the third increase in four months.

Besides, there was release of minutes from the Federal Reserve’s December meeting, in which the central bank stated that it would begin updating the public four times a year starting this month, on how long it intends to keep interest rates at current levels. The Federal Reserve has decided to shift its communication strategy to show the likely path of interest rates. The Fed is still working on a statement of longer-run policy goals, the minutes showed. This could include a move to a formal inflation target. Further, the Fed staff trimmed its growth outlook due to developments in Europe, the minutes showed.

The Dow Jones industrial average gained 179.82 points, or 1.47 percent, to 12,397.40. The Standard and Poor’s 500 closed higher by 19.46 points, or 1.55 percent, to 1,277.06, while the Nasdaq composite gained 43.57 points, or 1.67 percent, to 2,648.72.

The Indian ADRs closed in green on Tuesday, Infosys Technologies was up 2.07%, ICICI Bank was up by 1.72%, Tata Motors was up by 1.21%, HDFC Bank was up 0.84% and Dr. Reddy’s Lab was up 0.72%.

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