US markets close mostly lower; Nasdaq ekes out modest gain

04 Nov 2014 Evaluate

The US markets closed mostly lower on Monday, with the S&P 500 and Dow Jones Industrial Average retreating from fresh intraday record highs, shortly after hitting them in morning trade. A batch of mixed economic reports did not help lift sentiment, ahead of the Tuesday’s midterm elections, which likely will contribute to the market’s mood. A Federal Reserve survey released showed that only a quarter of domestic US banks are in the business of originating subprime auto loans. Overall auto loans at banks have grown rapidly this year. A special question in the October survey found that only 19 of 76 US banks are in the business of subprime auto loans. Separately, the Fed survey found improving lending conditions for businesses along with increased demand for loans. But smaller businesses were still facing tighter lending standards than the average over the past 10 years.

Also, the US manufacturers boosted production in October to the highest level in 10 years and racked up a big increase in new orders. The Institute for Supply Management stated that its manufacturing index jumped to 59% from 56.6% in the prior month. The index is compiled from a survey of executives who order raw materials and other supplies for their companies. The gauge tends to rise or fall in tandem with the health of the economy. US auto sales edged up to 16.46 seasonally adjusted annual rate in October, up from 16.43 million in September.

On the other hand, the final reading of Markit’s US manufacturing purchasing managers index was 55.9 in October, down from the flash reading of 56.2 and well below September’s 57.9. The final reading is the lowest since August. Outlays for US construction projects fell 0.4% in September to a seasonally adjusted annual rate of $950.9 billion. Looking at private outlays in September, spending fell 0.6% for nonresidential projects, but rose 0.4% for residential projects. For overall public construction projects, spending dropped 1.3%.

Dow Jones Industrial Average lost 24.28 points or 0.14 percent to 17,366.24, S&P 500 ended lower by 0.24 points or 0.01 percent to 2,017.81 while, Nasdaq was up by 8.17 points or 0.18 percent to 4,638.91.

The Indian ADRs closed mostly in green on Monday; Wipro was up 0.19%, Infosys was up by 0.14% and HDFC Bank was up by 0.03%. On the other hand, Tata Motors was down by 1.22% and Dr. Reddy’s Lab was down 0.16%.

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