US markets closed with modest gains

04 Jun 2015 Evaluate

The US markets closed with modest gains on Wednesday, with the main indexes remaining stuck in tight trading ranges ahead of the jobs report due on Friday. The Federal Reserve’s Beige Book survey has revealed that the US economy returned to modest-to-moderate growth in April and May after stalling in the first quarter of the year. Respondents to the regional survey, which helps shape Fed policy decisions, were generally optimistic in their outlook, expecting growth to continue or pick up. Most of the Fed’s 12 districts saw gains in consumer spending - including on cars and homes - construction, travel and tourism. Some of that was attributed to the boost to household incomes from lower petrol prices after the oil price crash. But cheap oil took a toll on the centres of the oil industry, where drillers and service companies have been laying off thousands of staff. The survey, which covered roughly six weeks to late May, showed the economy coming back after it contracted 0.7% in the first three months of the year, due to a combination of the effects of harsh winter weather in some areas and the grinding port slowdown on the west coast.

On the economy front, the US trade deficit shrank 19.2% in April after hitting a seven-year high in March, a big swing largely caused by a dockworkers strike earlier in the year. Setting aside the labor dispute, the longer-term US trade picture was little changed. The US trade deficit fell to a seasonally adjusted $40.9 billion in April from a revised $50.6 billion in the prior month. The smaller-than-expected trade gap could give a boost to gross domestic product in the second quarter. A lower deficit adds to US growth. Exports rose 1% to $189.9 billion to mark the highest level of 2015. Imports sank 3.3% to $230.8 billion. The trade deficit averaged $42.9 billion in the three months from February to April, down slightly from $43.4 billion a year earlier.

Meanwhile, a measure of services activity grew at a somewhat slower rate in May. The ISM services index fell to 55.7% from 57.8% in April. That’s still well above the 50% mark indicating improving conditions. Private-sector employment picked up in May as businesses added 201,000 jobs, the most in four months. ADP revised April’s gain to 165,000. Private service providers made up most of May’s growth, adding 192,000 jobs, or 96% of the total. Meanwhile, goods producers added 9,000 jobs.

The Dow Jones Industrial Average added 64.33 points or 0.36 percent to 18,076.27, Nasdaq was up by 22.70 points or 0.45 percent to 5,099.23 while, S&P 500 was higher by 4.47 points or 0.21 percent to 2,114.07.

The Indian ADRs closed mostly in red on Wednesday; HDFC Bank was down 1.37%, ICICI Bank was down 0.49%, Tata Motors was down by 0.46% and Dr. Reddy’s Lab was down 0.46%. On the other hand, Infosys was up by 0.28%.

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