US markets closed mostly up; Nasdaq ends lower

29 Apr 2015 Evaluate

The US market closed mostly higher on Tuesday, with the S&P 500 closing near record levels reached last week. The disappointing earnings and weaker-than-expected economic data however capped gains. The Federal Reserve Open Market Committee meeting kicked off on Tuesday, but the interest-rate statement will not be released until Wednesday afternoon. Investors will be looking for clues as to whether a near-term rate hike is still in play, although a large majority of Fed watchers don’t think the central bank will provide any hints, preferring to keep all options on the table. On the economy front, US house prices picked up in February, rising 0.5%, according to the S&P/Case-Shiller 20-city composite index released. Among the 16 cities that saw home prices rise, San Francisco and Denver had the fastest growth. Meanwhile, Cleveland posted the sharpest price drop, falling 1%. After seasonal adjustments, home prices rose 0.9% in February, matching January’s gain. Compared with February 2014, prices for the 20-city index were up 5% -- the fastest growth in half a year.

Meanwhile, consumer confidence fell in April, reflecting a slowdown in hiring and dimmer expectations about economic growth in the months ahead. The consumer confidence index dropped to 95.2 from a revised 101.4 in March, touching the lowest level since December. The present situation index, a measure of current conditions, slid to 106.8 from 109.5. The future expectations index declined to 87.5 from 96, marking the lowest level since September.

The Dow Jones Industrial Average added 72.17 points or 0.40 percent to 18,110.14, S&P 500 was higher by 5.84 points or 0.28 percent to 2,114.76, while Nasdaq was down by 4.83 points or 0.10 percent to 5,055.42.

The Indian ADRs closed mostly in green on Tuesday; ICICI Bank was up 0.74%, Dr. Reddy’s Lab was up 0.55% and HDFC Bank was up by 0.48%. On the other hand, Wipro was down 0.13% and Infosys was down by 0.03%.

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