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  3. US markets closed higher on Friday

US markets closed higher on Friday

11 Apr 2015 Evaluate

The US market closed higher on Friday as sentiments remained up-beat on report of General Electric’s (GE) restructuring of GE Capital, with the diversified conglomerate jumping by 10.8 percent to its best closing level in well over six years. The rally by GE came after the company announced plans to reduce the size of its financial businesses and sell most assets of GE Capital for about $26.5 billion. The company also announced a $50 billion stock repurchase program. Though, the gains remained capped with traders staying on the sidelines as they wait for earnings season to pick up steam next week. On the economic front, the Labor Department released a report before the start of trading showing a pullback in U.S. import prices in the month of March. The Labor Department said import prices dipped by 0.3 percent in March after edging up by a revised 0.2 percent in February. The pullback in prices were in-line with the street estimates. Meanwhile, the report also said export prices inched up by 0.1 percent in March following a revised 0.2 percent drop in the previous month. The street had expected export prices to slip by 0.2 percent.

The Dow Jones Industrial Average added 98.92 points or 0.55 percent to 18,057.65, Nasdaq was up by 21.41 points or 0.43 percent to 4,995.98 while, S&P 500 was higher by 10.88 points or 0.52 percent to 2,102.06. 

The Indian ADRs closed mostly in green on Friday; Tata Motors was up 0.32%, Infosys was up by 0.29%, Dr. Reddy’s Lab was up 0.22% and ICICI Bank was up by 0.09%. On the other hand, HDFC Bank was down 0.89% and Wipro was down 0.28%.

 

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