The US markets closed higher on Monday, with the main benchmarks closing at record levels for the fourth straight session, as investors watched corporate results and speculated the economy is strong enough to withstand a global slowdown. Last week, 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. On the economy front, a Federal Reserve benchmark showed the US labor market improved in October. The Labor Market Conditions Index, derived from 19 indicators, rose by 4.0 points last month after gaining a revised 4.0 in September. September’s reading was initially reported as a 2.5 point gain. The US jobless rate fell to 5.8 percent in October, the lowest since July 2008, as employers added 214,000 workers to non-farm payrolls. That marked the ninth consecutive month payrolls which grew by more than 200,000. The index is heavily weighted to the unemployment rate and private payrolls. It also includes the labor-force participation rate as well as data on wages, hiring and dismissals. The Fed doesn’t release the index’s value, only its monthly change.
Dow Jones Industrial Average added 39.81 points or 0.23 percent to 17,613.74, Nasdaq was up by 19.09 points or 0.41 percent to 4,651.62, while S&P 500 ended higher by 6.34 points or 0.31 percent to 2,038.26.
The Indian ADRs closed mostly in red on Monday; Infosys was down 0.24%, Wipro was down 0.09%, HDFC Bank was down by 0.03% and ICICI Bank was down 0.02%. On the other hand, Dr. Reddy’s Lab was up 0.08%.