US markets closed lower; snaps two day winning streak

01 Apr 2015 Evaluate

The US market closed lower on Tuesday, leaving the Dow industrials in the red for the year’s first quarter, on expectations for disappointing first-quarter earnings. On the economy front, the Chicago business barometer -- also known as the Chicago PMI -- rose to a reading of 46.3 in March from 45.8 in February. That keeps the indicator below the 50 line marking contraction for the second month in a row. On the other hand, an index that measures consumer confidence surged in March because Americans think the economy will get better over the next six months, though they are a bit less sure about right now. The consumer confidence index climbed to 101.3% in March from an upwardly revised 98.8 in February. The present situation index, a measure of current conditions, actually fell to 109.1 from 112.1. Yet the future expectations index increased to 96.0 from 90. US house prices were steady in January, according to the S&P/Case-Shiller 20-city composite released, with Charlotte, Miami and San Diego all seeing gains of 0.7% while San Francisco prices fell 0.9%. On a seasonally adjusted basis, prices grew 0.9%. Compared to Jan. 2014, prices were up 4.6%.

Meanwhile, Jeffrey Lacker, the president of the Richmond Fed, stated that he expects solid growth and rising inflation this year, and as a result, would urge the US central bank to start raising interest rates relatively soon. Lacker, one of the most hawkish Fed presidents and a voting member of the Fed policy committee this year, has been supporting a June move since the turn of the year. The Richmond Fed president added that the key to his outlook is an expected pickup in consumer spending supported by healthy income growth. He notified that he was looking past some of the unexpectedly weak economic data seen in recent weeks and added that the strong dollar and lower energy prices were temporarily holding down inflation.

The Dow Jones Industrial Average lost 200.19 points or 1.11 percent to 17,776.12, Nasdaq was down by 46.55 points or 0.94 percent to 4,900.89 while, S&P 500 was lower by 18.35 points or 0.88 percent to 2,067.89.

The Indian ADRs closed mostly in green on Tuesday; Dr. Reddy’s Lab was up 1.43%, Tata Motors was up 0.54% and HDFC Bank was up 0.49%. On the other hand, Infosys was down 0.70% and Wipro was down by 0.39%.

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