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US markets closed higher on Greece reports

18 Feb 2015 Evaluate

The US markets closed higher on Tuesday; after reports emerged that Greece may ask for a six-month extension on its debt obligations. On the domestic economy front the data came in below expectations, but the reaction seems to be mostly muted. The Empire State manufacturing moved slightly lower but remained in positive territory in February, falling to 7.8 from 10.0 in January. The survey of manufacturers by the New York Fed also showed a downward move in new orders but a rise in shipments. Any reading above zero indicates improving conditions. A gauge of confidence among home builders fell in February to a four-month low but continued to point to a higher level of construction in the months ahead. The National Association of Home Builders/Wells Fargo housing-market index slipped 2 points to 55 in February from 57 in the first month of the year. It’s the lowest level since October. Still, readings above 50 signal that builders are generally optimistic.

Meanwhile, Philadelphia Fed President Charles Plosser warned that efforts to audit the Federal Reserve’s monetary-policy making decisions could lead to dreadful economic outcomes. Plosser also commented on the economic and monetary policy outlook and stated that the drop in oil prices is an unambiguous benefit for the US economy. He added that the drop in oil price will certainly generate weak inflation readings officials will have to look through. Plosser enlightened that he could see the Fed’s overnight target rate rising to 1% to 1.5% by year’s end.

The Dow Jones Industrial Average added 28.23 points or 0.16 percent to 18,047.58, the Nasdaq gained 5.43 points or 0.11 percent to 4,899.27 while, the S&P 500 was up by 3.35 points or 0.16 percent to 2,100.34.

The Indian ADRs closed mostly in red on Tuesday; Infosys was down 0.43%, Dr. Reddy’s Lab was down by 0.29% and Wipro was down 0.19%. On the other hand, Tata Motors was up 0.32% and HDFC Bank was up by 0.15%.

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