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  3. US markets slump; S&P sinks most in seven weeks

US markets slump; S&P sinks most in seven weeks

11 Dec 2014 Evaluate

The US markets slumped on Wednesday; with the Standard & Poor’s 500 Index sinking the most in seven weeks, as energy shares renewed a selloff after OPEC cut its forecast on 2015 demand for crude. On the economy front, the US budget deficit for November shrank 58% compared with a year ago, but the big decrease was a reflection of shifts in the timing of some government payments and receipts. The November shortfall was $57 billion, compared with a deficit of $135 billion in November 2013. The November deficit would have been $92 billion, or 8% less than the November 2013 shortfall, if not for calendar quirks. The federal government spent $248 billion in November, down 22% compared with a year ago. Accounting for the calendar adjustments, spending would have risen 3%.November is the second month of the 2015 fiscal year. For the fiscal year to date, the deficit is $179 billion, 21% lower than in the first two months of fiscal 2014. The fiscal year runs from October to September.

Meanwhile, the US economy could get a small boost from spending that helped accelerate revenue growth on an annual basis in the health-care industry and other sectors. Health care and social assistance firms saw revenues rise 0.5% in the third quarter from the prior quarter, slowing from the second quarter’s 3% growth, the Commerce Department reported in its Quarterly Services Survey. But revenues in the sector were up 5.3% last quarter from a year earlier, rising from 3.7% annual growth in the second quarter.

The Dow Jones Industrial Average lost 268.05 points or 1.51 percent to 17,533.15, Nasdaq was down by 82.44 points or 1.73 percent to 4,684.03, while S&P 500 dropped by 33.68 points or 1.64 percent to 2,026.14.

Indian ADRs closed in red on Wednesday; HDFC Bank was down by 1.38%, Infosys was down 0.77%, Dr. Reddy’s Lab was down 0.46%, Wipro was down by 0.41% and ICICI Bank was down 0.29%.

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