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  3. US markets slump on growth concerns

US markets slump on growth concerns

10 Oct 2014 Evaluate

The US markets slipped on Thursday, sending the Dow Jones Industrial Average down to its worst one-day point plunge in more than a year. There were concerns that slowing growth in Europe will hurt the American economy as the Federal Reserve ends its bond purchases. On the economy front, the number of people who applied for US unemployment benefits in the first week of October remained below 300,000 for the fourth straight week, the first time that’s happened since early 2006. Initial jobless claims edged down by 1,000 to a seasonally adjusted 287,000 in the week ended October 4. Jobless claims are now 21% lower compared to one year ago. The diminished level of claims reflects a labor market that’s experiencing historically low rate of layoffs and probably will continue to do so for the near future. Still, nearly 19 million Americans say they want to work but cannot find a good full-time job, a number that also remains historically high despite a sharp pickup in hiring over the past few years.

Meanwhile, US wholesale inventories rose by 0.7% in August. Inventories of durable goods, such as autos and machinery, rose 0.8%, while inventories of nondurable goods rose 0.5%. Wholesale sales fell 0.7%, following a 0.4% gain in July. At August’s sales pace, the inventory-to-sales ratio rose to 1.19 from 1.17 in July. For July inventory growth was revised to 0.3% from a prior estimate of 0.1%.

Dow Jones Industrial Average lost 334.97 points or 1.97 percent to 16,659.25, Nasdaq was down by 90.25 points or 2.02 percent to 4,378.34, while S&P 500 ended lower by 40.68 points or 2.07 percent to 1,928.21.

The Indian ADRs closed mostly in red on Thursday; Infosys was down by 0.96%, Tata Motors was down 0.83%, Dr. Reddy’s Lab was down by 0.70% and ICICI Bank was down 0.26%. On the other hand, HDFC Bank was up by 0.06%.

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