US markets close mostly lower; Nasdaq declines most in almost a month

04 Sep 2014 Evaluate

The US markets closed mostly lower on Wednesday, with the Nasdaq Composite Index falling the most in almost a month, dragged down by losses in Apple Inc. Early optimism in light of a cease-fire agreement between Kiev and pro-Russian forces also fizzled out by afternoon. According to the Federal Reserve’s latest Beige Book report on current economic conditions released showed that the economy continued on a moderate or modest growth path through late August, with only the housing sector lagging behind. None of the 12 districts pointed to a distinct shift in the overall pace of growth. While consumer spending and nonfinancial service sectors continued to expand, barely half of the 12 districts reported stable or growing residential real estate activity. Labor market continued to grow slowly and there was little change in wages and price pressure. According to the report, the districts were divided almost evenly between three categories: expanding, contracting, or unchanged. The report added that employers in nearly all of the dozen Federal Reserve districts reported difficulties finding skilled workers. The Beige Book–designed to give the US central bank a feel for conditions on the ground - is a collection of anecdotes from business contacts in the 12 Fed districts.

On the economy front, orders for goods produced in US factories leaped 10.5% higher in July, as expected, owing to a big surge in contracts for commercial aircraft. Factory orders also rose by a revised 1.5% in June instead of 1.1% as initially reported. Yet excluding transportation goods, factory orders fell 0.8% in July. Orders for durable goods -- products meant to last at least three years -- surged 22.6% in July. Orders for nondurable goods dropped 0.9%. Additionally, auto sales reach highest level in nine years. Light vehicle sales rose to a seasonally adjusted annual rate of 17.53 million in August, up from 16.48 million in July and the best level since July 2005. The gains were driven by a 7% gain for trucks, on declining fuel prices and increased construction activity. Car sales also improved.

The Nasdaq was down by 25.62 points or 0.56 percent to 4,572.57, the S&P 500 ended down by 1.56 points or 0.08 percent to 2,000.72, while the Dow Jones Industrial Average added 10.72 points or 0.06 percent to 17,078.28.

The Indian ADRs closed mostly in green on Wednesday; Infosys was up 1.77%, HDFC Bank was up by 0.65%, ICICI Bank was up by 0.44% and Dr. Reddy’s Lab was up by 0.35%. On the other hand, Tata Motors was down by 0.16%.

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