The US markets closed mostly lower on Thursday, as downbeat economic reports and selling pressure from the energy sector weighed on the benchmarks. The markets are still reeling under many risks, such as Greece, Ukraine and Russia and other geopolitical threats that may result in short-terms pullbacks. On the economy front, the number of people who applied for US unemployment benefits jumped by 31,000 to 313,000 in the seven days from February 15 to February 21, continuing a recent pattern of sharp up-and-down movements. The average of new claims over the past month, meanwhile, rose by 11,500 to a still-low 294,500. The four-week average smooth’s out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends. Also, the continuing claims decreased by 21,000 to a seasonally adjusted 2.4 million in the week ended February 14.
Meanwhile, consumer prices fell again in January and inflation turned negative compared to 12 months ago, a reversal fueled by sharply lower oil prices that’s offered financial relief to workers and US households. The consumer price index dropped a seasonally adjusted 0.7% last month, marking the third decline in a row. Core prices are also up 1.6% in the past year, mainly reflecting rising prices for housing, the single biggest expense for consumers. However, orders for durable US goods rose a seasonally adjusted 2.8% in January. Orders minus transportation edged up 0.3%.
The Dow Jones Industrial Average lost 10.15 points or 0.06 percent to 18,214.42, S&P 500 was down 3.12 points or 0.15 percent to 2,110.74 while, Nasdaq gained 20.75 points or 0.42 percent to 4,987.89.
The Indian ADRs closed mostly in green on Thursday; HDFC Bank was up by 0.82%, Dr. Reddy’s Lab was up by 0.25% and Tata Motors was up 0.22%. On the other hand, Infosys was down 0.19% and Wipro was down 0.12%.
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