US markets made a mixed closing as European concern weighed on upbeat economic reports

06 Jan 2012 Evaluate

The US markets closed mixed on Thursday, as an improving labor market bolstered optimism in the economy curtailing concern about Europe. The markets gained after the release of jobs data but indices traded sideways in the late afternoon on the ongoing euro area debt worries with no end in sight. The US economic data out yesterday included ADP Employer Services reporting a 325,000 increase in private payrolls last month, an increase much better than anticipated. Also, figures from the Labor Department showed initial applications for jobless benefits claim falling 15,000 to 372,000 last week. The reports come ahead of Friday’s report on US nonfarm payrolls and the unemployment rate for December from the Labor Department. Another report showed that the Institute for Supply Management’s index of US non-manufacturing industries, which account for about 90 percent of the economy, rose to 52.6 in December from 52 a month earlier.

Besides, speculation that the White House might unveil a new nationwide loan refinancing plan was also in play on reports that President Barack Obama might place a housing advocate at the Federal Housing Finance Agency which regulates Fannie Mae and Freddie Mac. Also, consumer price inflation in the OECD area eased in November. Consumer price inflation in the Organization for Economic Cooperation and Development area eased in November, reflecting mainly slower growth in energy prices, latest data showed. Annual inflation eased to 3.1% in November versus 3.2% in October. Inflation slowed for the second consecutive month. In Europe, Greece's Prime Minister Lucas Papademos warned at a meeting with union leaders that deeper cuts in incomes to reduce the country's debt are the only way for the country to remain in the euro currency zone and to secure further funding from international lenders. Greece will start negotiations with lenders on the €130 billion-second bailout package in mid-January.

The Dow Jones industrial average lost 2.72 points, or 0.02 percent, to 12,415.70. The Standard and Poor’s 500 closed higher by 3.76 points, or 0.29 percent, to 1,281.06, while the Nasdaq composite gained 21.50 points, or 0.81 percent, to 2,669.86.

The Indian ADRs closed on a mixed note on Thursday, Infosys Technologies was up 0.81%, ICICI Bank was up 0.33% and Tata Motors was up by 0.31%. On the flip side, HDFC Bank was down 0.19% and Dr. Reddy’s Lab was down 0.18%.

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