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US markets closed higher on ECB Stimulus

23 Jan 2015 Evaluate

The US markets closed higher on Thursday, as traders reacted positively to the European Central Bank’s highly anticipated decision to implement quantitative easing. Federal Reserve officials are currently starting to reassess their outlook for the economy as global weakness and disappointing data on American consumer spending test their resolve to raise interest rates this year. Fed officials will discuss the outlook when they meet next week, though they aren’t scheduled to release their next set of economic projections until March. On the economy front, the number of people who sought new US unemployment benefits in mid-January fell by 10,000, but the level of applicants remained above 300,000 for the third straight week for the first time since July in what’s likely a reflection of post-holiday layoffs. Initial jobless claims declined to 307,000 in the seven days ended January 10 from a revised 317,000. Two weeks ago, claims hit their highest level since June.

Meanwhile, US home prices picked up a bit in November, a sign that costs continue to rise even if not at the rapid rate they were seeing last year. Home prices rose a seasonally adjusted 0.8% in November. October gain’s was downwardly revised to a gain of 0.4% from a previously estimated 0.6% increase. The year-on-year change accelerated to 5.3% from 4.4% in October. Annual gains have been in the 4%-to-5% range since May.

The Dow Jones Industrial Average surged by 259.70 points or 1.48 percent to 17,813.98, the Nasdaq Composite was up by 82.98 points or 1.78 percent at 4,750.40 while, the S&P 500 soared 31.03 points or 1.53 percent, to close at 2,063.15.

Indian ADRs closed in green on Thursday; Tata Motors was up 2.06%, HDFC Bank was up by 0.91%, Wipro was up by 0.69%, Infosys was up 0.61% and Dr. Reddy’s Lab was up 0.55.

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