The US markets closed higher on Thursday, as report showed faster-than-estimated growth in gross domestic product, fueling speculation that economy is strong enough to withstand higher interest rates. The US economy grew by a 3.5% annual rate in the third quarter, fueled by a surge in exports and the biggest jump in federal spending in five years. Although growth slowed from a 4.6% pace in the spring, the economy continued to show solid if unspectacular improvement during the period stretching from July through September. Consumers spent at a moderate 1.8% pace, businesses’ invested at a steady clip and government is no longer a major drag on the economy. What’s more, the US is adding jobs at the fastest rate since the recession ended in 2009 and consumers are feeling the most confidence in seven years, buoyed by a rising stock market and falling gasoline prices.
Meanwhile, applications for US unemployment benefits rose slightly in late October, but the level of jobless claims continued to point to an improving labor market in which companies are holding onto the workers they already have while slowly beefing up their staffs. Initial jobless claims climbed by 3,000 to 287,000 in the week ended October 25. Claims have been under the key 300,000 benchmark for seven straight weeks for the first time since the recession ended. The average of new claims over the past month, meanwhile, dipped by 250 and stood at 281,000. The four-week average reduces seasonal volatility in the weekly report and is seen as a more accurate barometer of labor-market trends.
Dow Jones Industrial Average added 221.11 points or 1.30 percent to 17,195.42, Nasdaq was up by 16.91 points or 0.37 percent to 4,566.14, while S&P 500 ended higher by 12.35 points or 0.62 percent to 1,994.65.
The Indian ADRs closed mostly in green on Thursday; Infosys was up by 1.24%, HDFC Bank was up by 0.40%, Wipro was up 0.22% and Dr. Reddy’s Lab was up 0.21%. On the other hand, Tata Motors was down 0.10%.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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