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  3. US markets close choppy session flat

US markets close choppy session flat

12 Feb 2015 Evaluate

The US markets closed flat on Wednesday, as investors remained jittery, amid worries about whether Greece and its creditors will reach an agreement to avoid a debt default. On the domestic economy front, the federal government ran a budget deficit of $18 billion in January. The monthly deficit compares to the $10 billion shortfall the government ran in January 2014, and brings the deficit for the fiscal year to date to $194 billion. The government spent $324 billion in January, an increase of 6% from the same month a year ago. Total receipts were $307 billion, up 4% from January 2014. The government would have run a surplus of $11 billion in January had it not been for shifts in the timing of certain payments and receipts.

Meanwhile, Moody’s Investors Service stated that lower oil prices won’t be a boost for the global economy over the next two years, due to headwinds from growth slowdowns in the euro zone, China, Japan and Russia. However, the US economy will benefit. The ratings service lifted its US forecast for 2015 growth in gross domestic product to 3.2%, from 3% in its last quarterly report. For 2016, it should stay strong at 2.8%. But for the Group of 20 countries as a whole, Moody’s expects growth of just under 3% for 2015 and 2016, mostly unchanged from 2014.

The Dow Jones Industrial Average lost 6.62 points or 0.04 percent to 17,862.14, the S&P 500 was lower by 0.06 points to 2,068.53 while, the Nasdaq gained 13.53 points or 0.28 percent to 4,801.18.

The Indian ADRs closed mostly in green on Wednesday; Dr. Reddy’s Lab was up by 0.76%, HDFC Bank was up by 0.73% and ICICI Bank was up 0.12%. On the other hand, Infosys was down 0.16% and Tata Motors was down by 0.01%.

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