US markets closed lower; S&P shows steepest drop in 5 weeks

10 Sep 2014 Evaluate

The US markets closed lower on Tuesday, as concerns grew that the Federal Reserve may raise interest rates sooner than anticipated. S&P 500 suffered its steepest one-day decline in five weeks while the Nasdaq Composite dropped the most since July 31. The Fed is gauging the strength of the economy as it winds down a bond-buying program and considers the timing of raising rates. Policy officials will meet next on September 16-17. Assessments of the strength of the economy are mixed, after gross domestic product expanded more than previously forecast in the second quarter, while a report on September 5 showed the economy added fewer jobs than anticipated in August. On the economy front, small-business sentiment in August nudged up to its second-highest reading since October 2007. The National Federation of Independent Business stated that its small-business optimism index rose 0.4 points to 96.1, with six of ten components increasing. The report is based on the responses of 598 randomly sampled small businesses in NFIB’s membership, surveyed throughout the month of August.

Meanwhile, job openings at US workplaces were almost unchanged in July, ticking down to 4.67 million from 4.68 million in June, which was the most since early 2001. Compared with same period in the prior year, July job openings rose 22%, as private-sector openings increased 22% to 4.19 million, and government positions rose to 485,000 from 384,000. With 9.67 million unemployed people in July, there were about 2.1 potential job seekers per opening, above June’s ratio of 2. In July 2013, there were 11.41 million unemployed people -- about three potential seekers per opening.

The Dow Jones Industrial Average lost 97.55 points or 0.57 percent to 17,013.87, Nasdaq was down by 40.00 points or 0.87 percent to 4,552.29, while the S&P 500 ended lower by 13.10 points or 0.65 percent to 1,988.44.

The Indian ADRs closed in red on Tuesday; Infosys was down 1.46%, ICICI Bank was down 0.78%, Tata Motors was down by 0.69%, Dr. Reddy’s Lab was down by 0.64% and Wipro was down 0.12%.

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