US markets close choppy session mostly in green

16 May 2015 Evaluate

The US market closed choppy session mostly higher on Friday, with the main indexes eking out weekly gains. Investors grappled with weaker-than-expected economic reports which left the timing of the Federal Reserve’s next rate hike still uncertain. On the economy front, the US factory sector appears in worse shape than previously imagined. Industrial output dropped 0.3% in April, not far from expectations. But downward revisions to prior months show that output in the nation’s factories, mines and utilities has dropped for five straight months. This is the longest string of declines since the Great Recession. Manufacturing output was unchanged in April after a 0.3% gain in the prior month. Production of motor vehicles and parts rose 1.3% in the month. Excluding the auto sector, manufacturing was down 0.1% in April. Consumer sentiment just hit a seven-month low, signaling that shoppers are concerned about the economy and their personal finances. The University of Michigan’s consumer-sentiment index fell to a preliminary May reading of 88.6, compared with a final April level of 95.9.

On the other hand, the Empire State manufacturing index moved back into positive territory in May, but only barely. The index, a first reading of manufacturing conditions in the month, inched up to 3.1 from negative 1.2 in April. Orders also rose ten points into positive territory while shipments remained basically steady. The prices-paid index fell sharply to its lowest level in almost three years. But there was little optimism among manufacturers. The six-month outlook worsened to 29.8 in May from 37.1 in April, not far above a two-year low of 25.6 in February.

The Dow Jones Industrial Average added 20.32 points or 0.11 percent to 18,272.56, S&P 500 was higher by 1.63 points or 0.08 percent to 2,122.73 while, Nasdaq was down by 2.51 points or 0.05 percent to 5,048.29.

The Indian ADRs closed mostly in green on Friday; HDFC Bank was up 0.59%, Dr. Reddy’s Lab was up by 0.46% and Infosys was up 0.37%. On the other hand, ICICI Bank was down 0.03% and Wipro was down 0.02%.

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