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  3. US markets closed lower on sanctions against Russia

US markets closed lower on sanctions against Russia

30 Jul 2014 Evaluate

The US markets closed lower on Tuesday, as investors turned cautious after the European Union and the President Barack Obama announced a new round of sanctions against Russia for its role in Ukraine’s deadly civil war. Better-than-expected earnings and upbeat consumer confidence data sent the Dow Jones Industrial Average above 17,000 and the S&P 500 near its record closing level, but gains soon petered out. On the economy front, a more upbeat mood among US consumers offers the latest evidence that the economy may be picking up after little growth in the first half of the year. The index of consumer confidence rose to 90.9 in July from 86.4 in June. This month’s reading is the highest since October 2007, just before the last recession. Separately, US house prices rose 1.1% in May, according to the Case-Shiller 20-city composite index released, with every city showing gains. On a seasonally adjusted basis, however, prices fell 0.3%. On a year-on-year basis, price growth decelerated to a 9.3% rate from 10.8% in April, marking the slowest rate since February 2013. The index is designed to track the value of a single-family home.

Meanwhile, the US Federal Reserve began a two-day policy meeting under rising pressure to step off its ultra-dovish stance to address rising inflation and worries of overheated markets. So far this year the Fed has stuck to its plan: steadily reducing its bond-buying stimulus program, to wind up in October, and looking toward an initial increase in the benchmark federal funds interest rate, now at zero, in the second half of 2015.

The Dow Jones Industrial Average lost 70.48 points or 0.42 percent to 16,912.11, Nasdaq was down by 2.21 points or 0.05 percent to 4,442.70, while the S&P 500 was down by 8.96 points or 0.45 percent at 1,969.95.

Indian ADRs closed in red on Tuesday; HDFC Bank was down 0.62%, Infosys was down 0.49%, Dr. Reddy’s Lab was down 0.45%, Tata Motors was down 0.24% and Wipro was down by 0.18%.

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