US markets gain; S&P close above 2,000 for the first time

27 Aug 2014 Evaluate

The US markets closed higher on Tuesday, with the S&P 500 notching it’s first-ever finish above the milestone level of 2,000. A stronger-than-expected reading on consumer confidence provided a lift, and investors took a somewhat mixed report on durable-goods orders in stride. On the economy front, a strengthening labor market perked up consumers this month, bumping up their confidence to the highest level in seven years. The overall consumer-confidence index rose to 92.4 - the highest since October 2007 - from a revised 90.3 in July. Data details show that the share of consumers who responded that jobs are currently plentiful rose to 18.2% in August - the most since March 2008 - from 15.6% in July. For a fourth consecutive monthly gain, US home prices rose 1% in June, slower than the 1.2% rise in May, as spring wound down, according to S&P/Case-Shiller’s 20-city composite index released. Among 20 tracked cities, all saw higher home prices in June, led by New York. After seasonal adjustments, home prices among the 20 cities declined 0.2% in June, compared with a drop of 0.3% in May.

Separately, bookings for US durable goods skyrocketed by a record 22.6% in July because of a surge in contracts for Boeing aircraft, but most businesses trimmed spending after splurging in the prior month. The latest figures on durable goods - a monthly report often hard to interpret - were generally seen in a positive light. Despite the pullback in July, they point out that new orders and business investment have risen sharply since an early-year lull and could accelerate in the final months of 2014. Another key measurement of business investment, a category known core capital goods, dropped 0.5% in July. While business investment has fallen in three of the past four months, it’s increased by an annual pace of 9% so far this year. That’s almost twice and fast as in 2013 and would be a good sign if companies continue to invest at that rate.

The Dow Jones Industrial Average added 29.83 points or 0.17 percent to 17,106.70, the Nasdaq edged up 13.29 points or 0.29 percent to 4,570.64, while the S&P 500 ended higher by 2.10 points or 0.11 percent to 2,000.02.

The Indian ADRs closed in green on Tuesday; Dr. Reddy’s Lab was up by 0.86%, ICICI Bank was up by 0.62%, Tata Motors was up 0.54%, HDFC Bank was up by 0.14% and Infosys was up by 0.14%.

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