US markets closed higher; Nasdaq ends above 5,000

03 Mar 2015 Evaluate

The US markets closed higher on Monday, with a rally lifting the Nasdaq Composite above 5,000 - a level not reached since 2000 for the tech-heavy index - while the S&P 500 and the Dow Jones Industrial Average scored records of their own. The record-setting day for the major indexes came amid economic reports that pointed to a slowdown in manufacturing activity as well as consumer spending. However, investors brushed off slightly disappointing data, seemingly content with the fact the US economy is still growing, albeit, at a more modest clip. On the economy front, Americans cut their spending in January for the second month in a row for the first time since 2009, using some of the benefits from lower gasoline prices to boost their savings to the highest rate in three years. Consumer spending fell a seasonally adjusted 0.2% last month, entirely because of cheaper energy prices. Outlays on energy sank a whopping 18% in January. Yet factoring out lower inflation triggered by tumbling energy prices, real consumer spending actually rose 0.3% in the first month of 2015. Individual incomes, meanwhile, rose 0.3% and after-tax incomes adjusted for inflation surged by 0.9% - the biggest increase in three years. The core rate of inflation that excludes volatile food and energy costs rose 0.1% in January. The core rate has risen at a mild 1.3% in the past 12 months. The second and final reading of US manufacturing conditions in February was revised up to a relatively strong 55.1 from a preliminary 54.3 reading. The index registered 53.9 in January. Readings over 50 indicate growth.

On the other hand, the US manufacturing sector is cooling off, according to a high-profile economic report released. The Institute for Supply Management stated that its manufacturing index fell to a reading of 52.9%, from 53.5% in January. That’s the fourth decline in a row. Outlays for US construction projects declined 1.1% in January to a seasonally adjusted annual rate $971.4 billion, led by public spending. The government revised December’s increase to 0.8%. Private-construction spending fell 0.5% in January, despite a 0.6% increase for residential projects.

Meanwhile, Janet Yellen’s premium on consensus may lead to a Federal Reserve decision the chair hasn’t yet endorsed, as a near majority aligns in favor of a possible June interest rate hike. Seven of the Fed’s current 17 members have now stated that they at least want the option of a June tightening on the table, or have pushed in general for an earlier increase amid an expectation that wages and inflation will turn higher. By contrast, there’s a dwindling core of officials who say publicly that the economy and labor markets in particular still have a long way to go.

The Dow Jones Industrial Average added 155.93 points or 0.86 percent to 18,288.63, Nasdaq was up 44.57 points or 0.90 percent to 5,008.10 while, S&P 500 gained 12.89 points or 0.61 percent to 2,117.39.

The Indian ADRs closed mostly in green on Monday; Dr. Reddy’s Lab was up by 1.57%, HDFC Bank was up by 0.72% and ICICI Bank was up 0.12%. On the other hand, Tata Motors was down 0.31% and Infosys was down 0.11%.

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