US markets close higher; S&P at record high

15 May 2015 Evaluate

The US market closed mostly higher on Thursday, with the S&P 500 index ringing up a new closing high, overshadowing a string of small losses on the week. The rally for stocks comes as US economic reports offered no real clarity on when the Federal Reserve may hike rates for the first time since 2006. On the economy front, the number of people who applied for US unemployment benefits in early May edged down by 1,000 to 264,000, showing the pace of layoffs remains at a 15-year low even though hiring as slow a bit since the end of 2014. New claims have registered less than 270,000 for three straight weeks, only the second time that’s happened since 1975. The last time claims were as low was in the spring of 2000 at the tail end of the Internet boom. The average of new claims over the past month, meanwhile, fell by 7,750 to 271,750. That’s also a 15-year low. Continuing jobless claims - people already collecting benefits - were unchanged at 2.23 million in the week ended May 2.

Separately, US producer prices fell a seasonally adjusted 0.4% in April to mark the seventh decline in the last nine months, mainly because of lower gasoline and food costs. The price of goods sank 0.7% in April while services slipped 0.1%. Meanwhile, core producer prices that exclude the volatile categories of food, energy and trade rose 0.1% last month, spurred by a sharp increase in the cost of drugs. Over the past year overall producer prices have fallen a record 1.3% on an unadjusted basis. Yet the core rate has risen 0.7% in the same span, a sign that inflation is not entirely muted.

The Dow Jones Industrial Average added 191.75 points or 1.06 percent to 18,252.24, Nasdaq was up by 69.11 points or 1.39 percent to 5,050.80 while, S&P 500 was higher by 22.62 points or 1.08 percent to 2,121.10.

The Indian ADRs closed mixed on Thursday; HDFC Bank was up 0.69%, Tata Motors was up by 0.55% and Dr. Reddy’s Lab was up by 0.26%. On the other hand, Wipro was down 0.10% and Infosys was down by 0.05%.

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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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