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  3. US markets closed mostly lower; Dow ends at fresh record high

US markets closed mostly lower; Dow ends at fresh record high

20 May 2015 Evaluate

The US market closed mostly lower on Tuesday, whereas Dow industrials eked out small gain to finish at a fresh record. Meanwhile, investors digested a report showing a sharp increase in housing starts last month, pondering the effect it might have in determining the course of the Federal Reserve’s interest rate policy. On the economy front, construction started on new US homes sprang up 20.2% in April to a seasonally adjusted annual rate of 1.14 million, hitting the fastest rate since late 2007. Starts for single-family homes rose 16.7% to an annual rate of 733,000, the fastest pace since early 2008, while starts in buildings with at least five units rose 31.9% to a pace of 389,000. The annual pace of permits for new construction, a sign of future demand, sprang up 10.1% in April to 1.14 million, the most since mid-2008. The pace of permits for single-family homes rose 3.7% to an annual rate of 666,000, while the pace of permits for apartments rose 20% to 444,000.

Meanwhile, Lawrence Lindsey, who served at the Fed in the 1990s before joining the George W. Bush White House, stated that the central bank had delayed normalization of rates way beyond what is prudent. Lindsey added that at some point we’re going to get a series of bad numbers, showing a little higher inflation. He predicted that the market disruption would be a seven or eight on a scale of 10, which 10 being the worst. Lindsey noted that the Fed would not be restrictive until December 2016 if it hiked rates by a quarter of one percentage point at every other meeting starting in June.

The Nasdaq was down by 8.41 points or 0.17 percent to 5,070.03, S&P 500 was lower by 1.37 points or 0.06 percent to 2,127.83 while, Dow Jones Industrial Average added 13.51 points or 0.07 percent to 18,312.39. 

The Indian ADRs closed mostly in green on Tuesday; Dr. Reddy’s Lab was up by 1.01%, HDFC Bank was up 0.64%, Infosys was up 0.29% and ICICI Bank was up 0.22%. On the other hand, Tata Motors was down by 0.64%. 


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