US markets gain; Dow snaps 4-session losing streak

05 Aug 2014 Evaluate

The US markets closed higher on Monday, and recouped some of the heavy losses from last week’s rout, but investors remained cautious over the timing of the Federal Reserve’s interest-rate hikes. Concern has grown that the improving economy may force the Fed to raise interest rates sooner than expected. The data calendar was empty and few companies reported earnings. The sentiments got support after Portugal’s central bank took control of Banco Espirito Santo, easing concern that the lender’s woes may spread. A Federal Reserve survey released showed that banks are seeing a broad-based pickup in loan demand. The survey of 75 domestic and 23 foreign banks operating in the US showed that banks are continuing to ease standards for various commercial and industrial loans. The Fed’s senior loan officer survey shows that big banks have eased standards on credit card. The July survey also shows that new qualified mortgage rules has reduced approval rates on applications for prime jumbo home-purchase loans and non-traditional mortgages. A special question found that mortgage standards remain tighter than in 2005.

Meanwhile, the US Treasury stated that its borrowing needs this quarter declined to the lowest level for the period since 2007 as stronger economic growth boosts tax receipts. Treasury plans to borrow $192 billion in the July-September period, about $22 billion more than it projected three months ago, with an end-of-September cash balance of $150 billion. Next quarter, Treasury plans to borrow $187 billion, with $140 billion in cash. US budget deficits have been falling since 2009. The 2014 gap will be 2.8 percent of gross domestic product, according to the Congressional Budget Office.

The Dow Jones Industrial Average added 75.91 points or 0.46 percent to 16,569.28, Nasdaq was up by 31.25 points or 0.72 percent to 4,383.89, while the S&P 500 gained 13.84 points or 0.72 percent at 1,938.99.

Indian ADRs closed mostly in green on Monday; Infosys was up 2.09%, Tata Motors was up 0.59%, Dr. Reddy’s Lab was up 0.56% and HDFC Bank was up 0.35%. On the other hand, ICICI Bank was down by 0.11%.

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