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US market surges on improved economic sentiments

19 Jan 2012 Evaluate

The US markets surged on Wednesday, to six-month highs sending the S&P 500 Index to a close above 1,300 for the first time since July 28, as investors welcomed the International Monetary Fund plan to boost its bailout fund to contain Europe's debt crisis. The sentiments also got a lift as investors welcomed other signs of improving global economic growth like upbeat report on the housing market and Goldman Sachs earnings which lifted the markets further. The National Association of Home Builders Housing Market Index jumped to a four-year high of 25 in January, from a reading of 21 the month before. The index, which measures homebuilders' confidence, has been trending higher for the past four months. Also, Goldman Sachs shares jumped after the investment bank reported results that beat Wall Street’s expectations. Separately, figures from the Federal Reserve had US industrial production rebounding last month, climbing 0.4% after a revised 0.3% drop in November.

In Europe, the IMF stated that it is looking to raise up to $500 billion in additional lending resources, including a $200 billion commitment that euro area governments announced last year. The new target is based on the IMF's estimate of $1 trillion in potential global financing needs in the coming years. However, Greek government officials and the group representing private sector investors and banks resumed talks yesterday, trying to nail down how big write-down private investors are willing to take on the country's bonds. The talks ended without an agreement, but will resume on Thursday.

The Dow Jones Industrial Average closed higher by 96.88 points, or 0.78 percent, at 12,579.00. The S&P 500 was up by 14.37 points, or 1.11 percent, at 1,308.04, while the Nasdaq closed up 41.63 points, or 1.53 percent, at 2,769.71.

Indian ADRs closed mixed on Wednesday, HDFC Bank was up 0.86%, Tata Motors was up 0.86%, Dr. Reddy’s Lab was up 0.65% and ICICI Bank was up 0.34%. On the flip side, Infosys Technologies was down 0.12%.

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