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  3. US markets gain; S&P ends at its highest close this year

US markets gain; S&P ends at its highest close this year

13 Feb 2015 Evaluate

The US markets closed higher on Thursday, sending the S&P 500 to its highest close this year, as optimism stemmed from news of a cease-fire agreement between Russia and Ukraine, a pickup in oil prices and merger news, with gains building throughout the session. On the economy front, the number of people who applied for unemployment benefits topped the 300,000 mark in early February for the fourth time in the past six weeks, a sign that the pace of layoffs is starting to level off after an extended decline. Initial jobless claims increased by 25,000 to 304,000 in the seven days from February 1 to February 7. Initial claims are still on the low side after a rapid pickup in hiring, but they appear to have flattened out after a long decline that began shortly after the economy exited recession in 2009.

However, retail sales fell in January for the second month in a row as consumers appeared to pocket most of the savings from sharply lower gasoline prices. Retail sales declined by a seasonally adjusted 0.8% last month after a 0.9% drop in December. The slow start to sales this year suggests the US economy is likely to grow more slowly in the first quarter after a 2.6% gain in the final three months of 2014. Business inventories edged up 0.1% in month of December, the Commerce Department reported. Motor vehicles and parts and clothing inventories each rose 1.3%, while manufacturing inventories dropped 0.3%. The ratio of inventories to sales rose to 1.33 from 1.31 in November and 1.29 in December 2013.

The Dow Jones Industrial Average added 110.24 points or 0.62 percent to 17,972.38, the Nasdaq gained 56.43 points or 1.18 percent to 4,857.61 while, the S&P 500 was up by 19.95 points or 0.96 percent to 2,088.48.

The Indian ADRs closed in green on Thursday; Dr. Reddy’s Lab was up by 2.46%, HDFC Bank was up by 1.07%, Infosys was up 0.40%, ICICI Bank was up 0.32% and Wipro was up 0.29%.

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