US markets closed higher after Yellen testimony

25 Feb 2015 Evaluate

The US markets closed higher on Tuesday, as the market read Federal Reserve Chairwoman Janet Yellen’s testimony before Congress as a reassurance that a rate hike might not occur until the second half of the year. Federal Reserve Chairwoman Janet Yellen took another step closer to the first rate hike since 2006. In testimony to the Senate, Yellen signaled to financial markets the Fed would soon drop the word patient from its forward guidance. Now, however, Yellen stressed that the Fed wasn’t on automatic pilot and only wanted the flexibility to move on a meeting-by-meeting basis. She softened the blow with several dovish comments that suggest no hurry about actually moving. On the economy front, the S&P/Case-Shiller 20-city composite home prices showed a 0.1% monthly rise and a 4.5% year-on-year gain for December. The Case-Shiller index measures single-family prices on a three-month rolling average; other indexes use only transactions for that month. Still, the 4.5% year-on-year rise is similar to the 5% year-on-year gain reported by CoreLogic for December.

On the other hand, consumers expressed less confidence in the economy in February, worrying a bit more about the availability of jobs and outlook for business in the months ahead. The consumer confidence index fell to 96.4 this month from a revised 103.8 in January. The index topped the 100 mark in January for the first time since an economic recovery began in mid-2009, setting a seven-and-a-half-year high in the process. Consumer confidence has been climbing in fits and starts since the end of 2011, helped by a sharp pickup in hiring and, more recently, a plunge in gasoline prices.

The Dow Jones Industrial Average added 92.35 points or 0.51 percent to 18,209.19, Nasdaq was up by 7.15 points or 0.14 percent to 4,968.12 while, the S&P 500 gained 5.82 points or 0.28 percent to 2,115.48.

The Indian ADRs closed mostly in green on Tuesday; Infosys was up 0.56%, HDFC Bank was up by 0.32% and Wipro was up 0.14%. On the other hand, Tata Motors was down 0.69% and Dr. Reddy’s Lab was down by 0.21%.

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