US markets closed higher for second straight session

31 Mar 2015 Evaluate

The US market closed higher on Monday, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China’s central-bank chief as well as a continued flurry of deal announcements. On the economy front, pending home sales in February reached their highest level since June 2013. The National Association of Realtors stated that its pending-home-sales index rose 3.1% to 106.9 after a downward revision to January’s numbers. The index is up 12% from February 2012 levels. A sale is listed as pending when the contract has been signed but the transaction has not closed. Total existing-homes sales in 2015 are forecast to be around 5.25 million, an increase of 6.4%, and the national median existing-home price is expected to increase around 5.6%.

Meanwhile, consumer spending barely rose in February after a decline in January, pointing to much slower growth in the first quarter. Consumer spending rose a scant 0.1% last month. The small increase in spending in February and outright decline in January suggest the economy failed in early 2015 to match the pace of growth at the end of last year. Gross domestic product is forecast to expand just 1.4% in the first quarter, down from 2.2% in the fourth quarter and 5% in the third quarter. Inflation as gauged by the Federal Reserve’s preferred PCE index rose 0.2% in February. The index has risen just 0.3% in the past 12 months however, because of a plunge in oil prices that has reduced overall inflation. The central bank would like to see the PCE rate rise to 2%. The core PCE index that excludes food and energy increased a mild 0.1% in February, and it was up 1.4% in the past 12 months.

The Dow Jones Industrial Average added 263.65 points or 1.49 percent to 17,976.31, Nasdaq was up by 56.22 points or 1.15 percent to 4,947.44 while, S&P 500 was higher by 25.22 points or 1.22 percent to 2,086.24.

The Indian ADRs closed in green on Monday; Dr. Reddy’s Lab was up 1.17%, HDFC Bank was up 0.76%, Tata Motors was up 0.52%, Infosys was up 0.28% and Wipro was up by 0.24%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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