US markets closed on a mixed note ahead of jobs report

03 Feb 2012 Evaluate

The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day’s employment report as the next indicator of the economic recovery. According to a data released by the US Labor Department New unemployment claims in the US fell for the week ending January 28, the Department of Labor reported initial claims for unemployment declined 12,000 to 367,000 from the previous week's revised figure of 379,000, slightly higher than the 377,000 initially reported. Also, US labor productivity increased 0.7% in the fourth quarter of 2011, according to statistics released by the US Labor Department, reflecting a 3.6% increase in output, offset by a 2.9% increase in hours worked.

In Washington, Federal Reserve Chairman Ben Bernanke stated that the US economy is improving, although the outlook remains uncertain. Testifying to the House Budget Committee, Bernanke urged lawmakers to enact a plan to cut the federal deficit, while cautioning Congress to not jeopardize the recovery by reducing spending or hiking taxes too rapidly. However, the market moves were dampened by investor uncertainty about Greece, which has yet to finalize an agreement with its bond holders. The Greek government is looking to make a deal and ensure another European Union-led financial rescue by March 20, the date Athens is supposed to make a bond payment totaling 14.5 billion euros ($19.1 billion). Global investors also focused on the debt auctions in Europe while Spain raised more than expected in debt sales as the yields fell.

The Dow Jones Industrial Average closed lower by 11.05 points, or 0.09 percent, at 12,705.40. The S&P 500 was up by 1.45 points, or 0.11 percent, at 1,325.54, while the Nasdaq closed up 11.41 points, or 0.40 percent, at 2,859.68.

Indian ADRs closed mixed on Thursday, HDFC Bank was up by 0.82%, ICICI Bank was up by 0.51% and Tata Communications was up 0.28%. On the flip side, Dr. Reddy’s Lab was down 0.65% and Tata Motors was down 0.06%.

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