US markets gain on steady oil prices, Fed’s dovish comment

09 Jan 2015 Evaluate

The US markets closed higher on Thursday, with the largest advance in three weeks, as two days of steady oil prices along with dovish comments by a Federal Reserve member helped further fuel a buying frenzy which begun on Wednesday. Federal Reserve Bank of Chicago President Charles Evans stated that US might not hit the Fed’s target inflation rate until 2018 and he doesn’t advocate raising interest rates until 2016. Evans, long-known as a proponent of accommodative policies, added that the economy is currently exhibiting strong signs of growth, but low interest rates in the US and weak economic performance elsewhere in the world should give the Federal Reserve pause as it determines when, and by how much, to raise interest rates. On the economy front, the number of people who applied for US unemployment benefits at the end of the year fell slightly and remained below the key 300,000 mark for the 16th time in 17 weeks, offering more proof that the labor market is still on the upswing. Initial jobless claims dropped to 294,000 in the seven days ended January. The average of new claims over the past month, meanwhile, inched down by 250 to 290,500. Also, the continuing claims rose by 101,000 to a seasonally adjusted 2.45 million in the week ended December 27. Continuing claims reflect the number of people already receiving benefits.

Meanwhile, consumers increased their use of credit in November by the slowest pace in a year. Consumer credit grew at a seasonally adjusted annual rate of 5.2% in November, for a gain of $14.1 billion to $3.30 trillion. Revolving debt like credit cards fell at a 1.3% pace, which was also the biggest drop since last November. Non-revolving debt like car and student loans grew at a 7.5% pace. Over the last three months, consumer credit has grown by an average rate of 5.7%, down from an 8.3% pace seen over the three-month span from March through May.

The Dow Jones Industrial Average added 323.35 points or 1.84 percent to 17,907.87, Nasdaq was up by 85.72 points or 1.84 percent to 4,736.19 while, S&P 500 gained 36.24 points or 1.79 percent to 2,062.14.

Indian ADRs closed in green on Thursday; Tata Motors was up by 2.41%, Dr. Reddy’s Lab was up by 1.57%, HDFC Bank was up 1.06%, Infosys was up 0.17%, and Wipro was up by 0.17%.

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