The US markets closed mostly higher on Friday, with two of the three main benchmarks capping a third straight week of gains. The S&P 500 and Dow Jones Industrial Average closed at record highs for the third consecutive day. On the economy front, the US generated 214,000 new jobs in October to nudge the unemployment rate down to a six-year low of 5.8%, another healthy increase in hiring that point to solid economic growth in the months ahead. Job creation in October marked the ninth straight month the economy has added 200,000 jobs or more, a feat last accomplished in 1994. Hiring in September and August were also higher than previously reported. The US has created 2.3 million jobs this year and is on track for the biggest gain in almost a decade. The unemployment rate, meanwhile, fell again as nearly 700,000 people found work. And another 400,000-plus joined the labor force; a good sign because it means people think more jobs are available. Consumer credit grew at a seasonally adjusted annual rate of 5.9%, for a gain of $15.9 billion, as demand for student and auto loans stayed strong. Non-revolving debt like car and student loans grew at a 7.3% rate, while revolving debts like credit cards rose at a 2% rate. For the third quarter, consumer credit grew 6.5%.
Meanwhile, Federal Reserve Chairwoman Janet Yellen and New York Fed President William Dudley both stated that rates are set to go up, with Dudley adding that it will likely happen next year. Yellen stated that as employment, economic activity, and inflation rates return to normal, monetary policy will eventually need to normalize too, although the speed and timing of this normalization will likely differ across countries based on differences in the pace of recovery in domestic conditions. Dudley enlightened that if all goes according to Fed forecast and the US economy continues to make progress towards the Fed’s dual mandate goals of maximum sustainable employment and 2% inflation, the Federal Reserve will likely begin to raise its federal funds rate target off the zero lower bound sometime next year.
Dow Jones Industrial Average added 19.46 points or 0.11 percent to 17,573.93, S&P 500 ended higher by 0.71 points or 0.03 percent to 2,031.92 while, Nasdaq was down by 5.94 points or 0.13 percent to 4,632.53.
The Indian ADRs closed mixed on Friday; Dr. Reddy’s Lab was up 3.12%, Infosys was up 0.42% and Wipro was up 0.10%. On the other hand, HDFC Bank was down by 1.05% and Tata Motors was down by 1.01%.
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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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The Alchemists Ark Pvt. Ltd. |
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1187 |
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