US markets closed up on strong economic data

12 Dec 2014 Evaluate

The US markets closed higher on Thursday; sparked by robust consumer spending data. On the one hand, consumers are reaping benefits from cheaper prices paid at the pump but on the other hand, investors are weighing whether falling oil prices are symptomatic of deflation in the global economy. On the economy front, US retail sales in November grew the fastest in eight months as shoppers snapped up everything from cars to clothing. US retail sales rose 0.7% in November, up from 0.5% in October. Auto sales rose 1.7% in November, the strongest result since August. But it wasn’t just cars: excluding autos, retail-sales growth hit 0.5% last month, the strongest result since June. Retail sales are an important part of consumer spending, which is the backbone of the US economy. Retail sales have increased 5.1% over the past 12 months. The number of people who applied for US unemployment benefits hit the lowest level in three weeks, as employers continued to lay off very few workers. Initial claims for regular state unemployment-insurance benefits inched down by 3,000 to 294,000 in the week that ended December 6. The average of new jobless claims over the past month inched up by 250 to 299,250.

Meanwhile, the prices paid for imported goods fell 1.5% in November, the largest drop since June 2012, dragged down by fuel. Excluding fuel, import prices declined by 0.2% last month. The price of US-made goods exported to other nations, meanwhile, fell by 1% in November, the biggest decline since April. Business inventories rose 0.2% in October as building material and clothing stores both built stocks heading into the holiday season. That represents a 4.8% gain from October 2013.

The Dow Jones Industrial Average added 63.19 points or 0.36 percent to 17,596.34, Nasdaq was up by 24.13 points or 0.52 percent to 4,708.16, while S&P 500 gained by 9.19 points or 0.45 percent to 2,035.33.

Indian ADRs closed mixed on Thursday; Dr. Reddy’s Lab was up 0.38%, Infosys was up 0.25% and Tata Motors was up by 0.16%. On the other hand, Wipro was down by 0.12% and ICICI Bank was down 0.02%.

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