US markets closed marginally higher as trade deficit shrinks

07 Aug 2014 Evaluate

The US markets closed marginally higher on Wednesday, as investors remained cautious in the wake of heightened geopolitical risks and downbeat European economic news. Poland’s prime minister stated that the risk of an invasion of Ukraine by Russia has intensified. News that Italy unexpectedly fell back into recession in the second quarter weighed on European stock, which were down sharply. On the economy front, the US trade deficit shrank 7% to $41.5 billion in June, largely because imports of petroleum fell to the lowest level since late 2010. In June, US exports edged up 0.1% to $195.9 billion. Despite the big drop in June, the trade gap showed little change in the second quarter. The average three-month trade deficit totaled $44.4 billion in June compared to $44.6 billion in April. The trade gap in May, meanwhile, was revised up slightly to $44.7 billion. In the first six months of 2014, the US trade deficit totaled $371.6 billion, up 4.8% from $354.6 billion in the first six months of 2013.

Meanwhile, in a sweeping rebuke to Wall Street, US regulators stated that 11 of the nation’s biggest banks haven’t demonstrated they can collapse without causing broad, damaging economic repercussions and ordered them to show significant progress by July 2015. The Federal Reserve and the Federal Deposit Insurance Corporation stated bankruptcy plans submitted by big banks make unrealistic or inadequately supported assumptions and fail to make, or even to identify, the kinds of changes in firm structure and practices that would be necessary to enhance the prospects for an orderly failure.

The Dow Jones Industrial Average added 13.87 points or 0.08 percent to 16,443.34, Nasdaq was up by 2.21 points or 0.05 percent to 4,355.05, while the S&P 500 gained 0.03 points at 1,920.24.

Indian ADRs closed mostly in red on Wednesday; Infosys was down 1.43%, Tata Motors was down 0.73%, ICICI Bank was down by 0.52% and Dr. Reddy’s Lab was down 0.46%. On the other hand, HDFC Bank was up by 0.25%.

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