US markets closed mostly up; Dow ends in red

12 Sep 2014 Evaluate

The US markets closed mostly higher on Thursday, amid choppy trade as an unexpected increase in weekly jobless claims and falling commodities prices encouraged investors to remain cautious. Last week’s report of weaker-than-expected job creation during August had spurred speculation that the Fed would hold off on raising interest rates. But recent gains in US Treasury yields reflect concern that the Fed may signal that a rate hike is in store during the first quarter of 2015 at next week’s meeting. On the economy front, the federal government’s budget gap narrowed in August, shrinking 13% from the same month a year ago as receipts rose and spending fell. The government’s shortfall was $129 billion in August, compared to the $148 billion deficit posted in August of last year. The deficit narrowed due to higher receipts of both individual and corporate taxes, as well as lower spending on budget items including defense and transportation. Total receipts increased 5% over their August 2013 level, to $194 billion. Spending fell by 3% to $323 billion. The latest monthly figure is helping to power a big decline in the deficit for the fiscal year to date. Including the August shortfall, the deficit for the first 11 months of fiscal 2014 is $589 billion, which is 22% lower than the year-ago period. The year-to-date figure is the lowest since the same period in 2008.

However, the number of people who applied for jobless benefits rose 11,000 to 315,000 in the week that ended September 6, hitting the highest level since late June. Despite that rise, weekly claims remained near pre-recession levels, signaling a slow pace of layoffs. The revised initial claims for the week that ended August 30 stood at 304,000. Separately, US health-care spending rose at 3% pace in the second quarter, rebounding from a 2% drop in the first three months of the year. The pickup in health-care spending may result in gross domestic product for the April-to-June period being revised up slightly from a previously reported 4.2% growth rate.

The Nasdaq was up by 5.29 points or 0.12 percent to 4,591.81, while the S&P 500 ended higher by 1.76 points or 0.09 percent to 1,997.45, while Dow Jones Industrial Average lost 19.71 points or 0.12 percent to 17,049.00.

The Indian ADRs closed mostly in red on Thursday; HDFC Bank was down by 0.53%, ICICI Bank was down 0.39%, Infosys was down 0.34% and Dr. Reddy’s Lab was down by 0.23%. On the other hand, Tata Motors was up by 0.27%.

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