US markets closed lower; earning season eyed

08 Apr 2015 Evaluate

The US market closed lower on Tuesday, as an effort to build on Monday’s strong gains ran out of steam. The reversal to the downside still indicates some wariness among investors ahead of first-quarter earnings season. Narayana Kocherlakota, the president of Minneapolis district stated that the Federal Reserve should not raise interest rates until the second half of 2016 to allow the labor market to continue to strengthen. The Minneapolis Fed president added that while labor market conditions improved more in 2014 than they had in almost 20 years, the US would need three more years of similar improvements for the job market to return to its pre-Great Recession levels. Kocherlakota, a leading dove on the central bank who is not a voting member this year and is retiring in 2016, added that he did not see inflation rising sustainably above the Fed’s 2% target until 2018.

On the economy front, job openings rose to a 14-year high of 5.13 million in February from 4.97 million in January, the Labor Department reported. There were 1.69 unemployed people for every opening in February. The quits rate, an important measure of worker confidence, slipped to 1.9% from 2%. Consumer credit grew at a seasonally adjusted annual rate of 5.6%, for a gain of $15.5 billion in February. This is the fastest pace of growth since October. In the month, all of the increase came from non-revolving debt, like car and student loans, which grew at a 9.4% rate up from a 5.8% rate in January. This is the fastest pace since February 2013. Revolving, or credit-card, debt declined at a 5% rate in February after a 1.4% decline in the prior month.

The Dow Jones Industrial Average lost 5.43 points or 0.03 percent to 17,875.42, Nasdaq was down by 7.09 points or 0.14 percent to 4,910.23 while, S&P 500 was lower by 4.29 points or 0.21 percent to 2,076.33.

The Indian ADRs closed mostly in green on Tuesday; HDFC Bank was down 0.47%, Tata Motors was down 0.46%, ICICI Bank was down by 0.18% and Wipro was down by 0.07%. On the other hand, Infosys was up 0.52%.

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