US markets closed lower; S&P at two-week low

05 Mar 2015 Evaluate

The US markets closed lower on Wednesday, for a second consecutive session sending the S&P 500 to its lowest level in two weeks. According to the Federal Reserve’s Beige Book, an anecdotal survey of business conditions reported that neither rain nor snow dampened the US economy from early January through mid-February. The economy continued to expand in most of the Fed’s 12 districts, with Richmond being the sole exception. Despite near-record amounts of snow, the Fed’s Boston district enlightened that business contacts were fairly upbeat. The Fed is charged with keeping the economy humming and fighting inflation, and the Beige Book gave little indication that inflation was on the rise. Wage pressures were moderate in most districts, and limited to skilled workers. Most District contacts cited only flat to slightly increasing prices.

On the economy front, private-sector employment gains continued in February but at a slower pace than in the prior month. Employers added 212,000 jobs last month, below January’s revised gain to 250,000. January’s gain was originally reported at 213,000. The ADP data has shown smaller gains than the nonfarm payroll data in recent months. Companies in the US service sector such as insurers and real-estate firms grew at a slightly faster pace in February and beefed up employment. The Institute for Supply Management‘s nonmanufacturing index edged up to 56.9% from 56.7% in January. The new orders index fell 2.8 points to 56.7%, but the employment gauge climbed 4.8 points to 56.4%, a sign that more companies plan to hire. That's the highest rate since last July.

Meanwhile, Chicago Federal Reserve President Charles Evans stated that there is no reason to hurry to raise rates, until the Fed has much greater confidence that inflation will rise to an annual target of 2%. Evans is a voting member of the FOMC this year. Kansas City Fed President Esther George stated that she would support a decision to raise short-term interest rates in the middle of the year. George, who is one of the more hawkish Fed regional bank presidents, has been pressing for the Fed to return to a more normal monetary policy since the fall of 2013. George, who is not a voting member of the Fed’s policy committee, added that waiting until the Fed had met its twin goals of full employment and 2% inflation would put policy behind the curve and require rates to rise rapidly in the future.

The Dow Jones Industrial Average lost 106.47 points or 0.58 percent to 18,096.90, Nasdaq was down by 12.76 points or 0.26 percent to 4,967.14 while, S&P 500 dropped 9.25 points or 0.44 percent to 2,098.53.

The Indian ADRs closed mostly in red on Wednesday; Infosys was down 0.76%, HDFC Bank was down by 0.45%, Dr. Reddy’s Lab was down 0.20% and Wipro was down by 0.17%. On the other hand, Tata Motors was up 0.74%.

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