US markets closed mostly up; Dow ends in red

31 Jul 2014 Evaluate

The US markets finished a choppy session mixed on Wednesday, as the Federal Reserve appeared to soothe fears that it might start raising interest rates sooner than anticipated. The Federal Reserve stated that the economy is getting better and that risks of deflation are disappearing, but it did not signal any intent to hike rates sooner than next summer. The US Fed repeated that it expects the lift off to come a considerable time after the end of its bond-buying program. The US central bank voted to continue to slowly trim the size of its bond-buying program. The central bank trimmed the size of their monthly purchases of treasuries and mortgage-related assets to $25 billion per month from $35 billion previously. Fed Chairwoman Janet Yellen added that the program is likely to end in October. This drew a dissent from the leading hawk on the committee, Charles Plosser of the Philadelphia Fed. Hawks on the Fed want the central bank to begin to normalize monetary policy.

On the economy front, the US economy sprang back to life in second quarter and expanded at the fastest pace since last fall, fueled by a upturn in consumer spending on big-ticket items such as cars and trucks as well as a sharp rebound in business investment. Gross domestic product - the value of all goods and services produced by the US - grew at a 4% annual clip in the second quarter. Newly revised figures also show the economy contracted by a somewhat smaller 2.1% in the first quarter instead of 2.9%.

Separately, private-sector hiring slowed down slightly in July but remained healthy and broad-based. Employers added 218,000 private-sector jobs this month, down from 281,000 in June. This is the fourth straight month of job growth above 200,000.

The Nasdaq was up by 20.20 points or 0.45 percent to 4,462.90, the S&P 500 inched higher by 0.12 points or 0.01 percent at 1,970.07 while, the Dow Jones Industrial Average lost 31.75 points or 0.19 percent to 16,880.36.

Indian ADRs closed mostly in green on Wednesday; Dr. Reddy’s Lab was up 1.18%, ICICI Bank was up 1.13% and HDFC Bank was up 0.31%. On the other hand, Tata Motors was down 0.48% and Wipro was down by 0.05%.

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