US markets closed lower as Ukraine tensions grows

08 Aug 2014 Evaluate

The US markets closed lower on Thursday, ending the Dow Jones Industrial Average to the lowest level since April, as concern of the Ukraine conflict escalated. Meanwhile, President Barack Obama has authorized the US military to conduct airstrikes against Islamist forces as needed in Iraq, but added that the nation would not send new ground troops there. On the economy front, the number of people who applied for unemployment benefits fell below 300,000 for the second time in three weeks, solidifying a picture of an improving US labor market in which layoffs remain low and companies are hiring at the fastest pace in years. Initial jobless claims fell by 14,000 to 289,000 in the week of July 27 to August 2. The average of new claims over the past four weeks, dropped by 4,000 and stood at 293,500, reaching the lowest level since February 2006. The monthly figure smoothens out the gyrations in the more volatile weekly report and offers a better look at underlying trends in the labor market. Also, the continuing claims decreased by 24,000 to a seasonally adjusted 2.52 million in the week ended July 26.

Separately, US consumer credit growth increased sharply in June, a possible sign spending could ramp up in coming months. Consumers increased their debt in June by a seasonally adjusted $17.3 billion, down only slightly from a $19.6 billion gain in the prior month. The increase in June was above the market consensus. Monthly debt rose at a 6.4% annual rate in June, compared with a 7.4% rate in the prior month. This is the seventh straight month with consumer credit growth above a 6% rate. Howeevr, investors pulled a record $7.1 billion from junk bond funds during the past week, marking an acceleration in the pace of withdrawals as the market for low-rated corporate debt experiences turbulence. The outflows during the week ended Wednesday mark the fourth consecutive week of withdrawals.

The Dow Jones Industrial Average lost 75.07 points or 0.46 percent to 16,368.27, Nasdaq was down by 20.08 points or 0.46 percent to 4,334.97, while the S&P 500 dropped 10.67 points or 0.56 percent at 1,909.57.

Indian ADRs closed mixed on Thursday; HDFC Bank was down by 1.01%, ICICI Bank was down by 0.51% and Tata Motors was down by 0.18%. On the other hand, Infosys was up by 0.88% and Dr. Reddy’s Lab was up 0.41%.

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