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  3. US markets closed modestly higher amid mixed economic data

US markets closed modestly higher amid mixed economic data

02 Jun 2015 Evaluate

The US markets closed higher on Monday, as investors digested a mixed bag of economic reports, including data on consumer spending, construction and manufacturing. The Institute for Supply Management’s manufacturing index rose slightly in May to a reading of 52.8%, from 51.5% in April. The new orders component rose 2.3 points to 55.8%, and the employment index also improved. Outlays for US construction projects rose 2.2% in April to a seasonally adjusted annual rate of $1.01 trillion. The government revised March’s result to an increase of 0.5%. Looking at private outlays in April, spending rose 0.6% for residential projects, and 3.1% for nonresidential projects. For overall public construction projects, spending grew 3.3%.

However, Americans cut back on spending in April and saved more, showing that consumers remained cautious as the second quarter got underway. Consumer spending was flat last month - the weakest performance since January - even though incomes rose a seasonally adjusted 0.4%. The pace of spending over the last 12 months also fell to the lowest level in several years, though much of the decline is attributed to sharply lower gasoline prices. Gas prices have risen recently but are still well below 2014 levels. Meanwhile, inflation as gauged by the PCE price index was flat in April. The core rate that excludes food and energy rose 0.1%.

The Dow Jones Industrial Average added 29.69 points or 0.16 percent to 18,040.37, Nasdaq was up by 12.90 points or 0.25 percent to 5,082.93 while, S&P 500 was higher by 4.34 points or 0.21 percent to 2,111.73.

The Indian ADRs closed mostly in red on Monday; Tata Motors was down by 0.39%, Dr. Reddy’s Lab was down 0.32%, HDFC Bank was down 0.02% and Wipro was down 0.01%. On the other hand, Infosys was up by 0.34%.


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