US markets gain for the third straight session

20 Dec 2014 Evaluate

The US markets closed higher on Friday; with stocks rising for third straight session in the wake of the Federal Reserve’s reassurance that the rate increases would be methodical, while the central bank stated that it would be patient on the timing of the initial hike. Minneapolis Fed President Narayana Kocherlakota issued a statement explaining his dissent at meeting of the Federal Open Market Committee, saying the decision to continue gradually removing accommodation creates an unacceptable downside risk to inflation and inflation expectations. He added that the risk to the credibility of the inflation target as unacceptable, given how hard it would be for the FOMC to respond successfully if this eventuality did indeed materialize. Kocherlakota, who will step down in 2016 when his term ends, stated that Fed should commit to keeping interest rates very low until the one-to-two-year expected inflation outlook is seen moving back toward its target.

Meanwhile, Philadelphia Fed leader Charles Plosser renewed his criticism that the Fed may be behind the curve on raising rates, saying that waiting too long to initiate a gradual increase in rates could result in the need for more aggressive policy in the future, which could lead to unnecessary volatility and instability. Plosser, who will step down in early 2015, added that he dissented over the pledge to be patient because it implies the decision will be based on a time period rather than on the evolution of the economy.

Separately, San Francisco Fed President John Williams stated that US economy is in a very good place right now, and that next June seems a reasonable starting point for thinking about lift-off of interest rates. Williams expects inflation to be soft next year but continues to believe a recovering job market and sustained growth will push price increases back up to the desired level over time.

The Dow Jones Industrial Average added 26.65 points or 0.15 percent to 17,804.80, Nasdaq was up by 16.98 points or 0.36 percent to 4,765.38, while S&P 500 gained 9.42 points or 0.46 percent to 2,070.65.

Indian ADRs closed in red on Friday; HDFC Bank was down 1.37%, Tata Motors was down by 0.61%, Infosys was down 0.42%, Wipro was down 0.12% and ICICI Bank was down by 0.11%.

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