US markets closed mostly up on Republican Victory

06 Nov 2014 Evaluate

The US markets closed mostly higher on Wednesday, with the S&P 500 and Dow Jones Industrial Average ending at new highs, as an upbeat report on the labor market lifted sentiments. Investors also welcomed the results of midterm elections in which Republicans, who are generally viewed as more pro-business, regained control of the Senate. By taking the Senate and keeping the House, the GOP takes control of Congress for the first time in eight years. On the economy front, private-sector hiring slightly picked up last month, reaching the strongest pace in four months. Employers added 230,000 private-sector jobs in October, compared with 225,000 in September, and up from 196,000 in October 2013. Trends also look good: Private-sector job gains have topped 200,000 in six of the past seven months. The October ADP report showed broad-based private-sector job growth, with service providers adding 181,000 jobs and goods producers adding 48,000 jobs. By company size, employment grew by 122,000 jobs at medium businesses, 102,000 jobs at small businesses and 5,000 spots at large businesses.

However, US service sectors such as retail and real estate grew at a still-rapid but somewhat slower pace in October while an employment gauge hit a nine-year high. The Institute for Supply Management’s non-manufacturing index dropped to 57.1% from 58.6% in September. New orders fell 1.9 points to 59.1% and production slipped 2.9 points to 60%.

Separately, Richmond Federal Reserve Bank President Jeffrey Lacker stated that federal financial regulators must remove the implicit view from creditors that the government will step in to protect large financial institutions, and to better adapt the bankruptcy code to these firms. He added that the bankruptcy code, properly applied to financial institutions, would then no longer require the Federal Deposit Insurance Corporation’s involvement in winding down big banks.

Dow Jones Industrial Average added 100.69 points or 0.58 percent to 17,484.53, S&P 500 ended higher by 11.47 points or 0.57 percent to 2,023.57 while, Nasdaq was down by 2.92 points or 0.06 percent to 4,620.72.

The Indian ADRs closed in green on Wednesday; ICICI Bank was up 1.42%, Dr. Reddy’s Lab was up 0.70%, Tata Motors was up by 0.59%, Infosys was up 0.46% and HDFC Bank was up by 0.34%.

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