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  3. US markets rally on back of strong economic data

US markets rally on back of strong economic data

04 Oct 2014 Evaluate

The US markets rallied on Friday, with the S&P 500 enjoying its biggest one-day gain in nearly two months, while the Dow Jones Industrial Average tallied its biggest gain in seven months, on account of stronger-than-expected jobs report that delivered a dose of confidence to investors. On the economy front, the United States created 248,000 jobs in September and hiring in August turned out to be a lot stronger than initially reported, showing the US economy entered the fall with rising momentum. The unemployment rate also fell to a six-year low of 5.9%, dropping below the 6% mark for the first time since 2008. More people found work while others dropped out of the labor force to send the unemployment rate lower. So far in 2014 the economy has gained an average of 227,000 jobs a month, up 17% from the 2013 pace of 194,000. The US trade deficit fell slightly in August to the lowest level since January, as the nation posted record petroleum exports and imported the least amount of oil in four years. The trade gap declined to a seasonally adjusted $40.1 billion from a revised $40.3 billion in July. Exports rose 0.2% to $198.5 billion, while imports edged up 0.1% to $238.6 billion.

However, US services and other nonmanufacturing companies reported slower growth for September, after hitting its highest level since 2008 in August. The Institute for Supply Management stated that its gauge of non-manufacturers fell to 58.6% last month from 59.6% in August.

Dow Jones Industrial Average added 208.64 points or 1.24 percent to 17,009.69, Nasdaq was up by 45.42 points or 1.03 percent to 4,475.62, while S&P 500 ended higher by 21.73 points or 1.12 percent to 1,967.90. 

The Indian ADRs closed mixed on Wednesday; ICICI Bank was up 0.70%, Tata Motors was up by 0.45% and Infosys was up by 0.44%. On the other hand, HDFC Bank was down by 0.10% and Wipro was down 0.05%.

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