US markets closed mostly lower amid rate-hike worries

06 Jun 2015 Evaluate

The US markets closed mostly lower on Friday, as an upbeat jobs report raised expectations for an interest-rate hike this fall. But the main indexes ended off their session lows as the economic strength signaled by the jobs report somewhat offset concerns about a rate hike, which would lure some investors out of stocks and increase companies’ borrowing costs. On the economy front, the US pumped out a robust 280,000 jobs in May, showing that companies are still on the prowl for new workers despite what appears to have been a temporary slowdown in economic growth earlier this year. The increase in hiring - the biggest since December - was widespread and suggests the economy has regained momentum. The unemployment rate, meanwhile, rose a tick to 5.5% from 5.4%, but the increase stemmed from a large inflow of people into the labor force. The surge in hiring in May also boosted wages. Average pay rose 8 cents to $24.96 an hour, pushing the increase over the past 12 months up to 2.3%. That’s the highest rate since mid-2013, suggesting the boom in hiring over the past few years is finally forcing companies to pay more to attract workers.

Meanwhile, William Dudley, president of the New York Federal Reserve, stated that interest rate hike seems appropriate later this year despite muted growth in the second quarter. He added that he expects US growth to pick up, saying he has greater confidence inflation is moving back to the central bank’s 2 percent target. Dudley - a voting member of the Fed’s policy making committee - noted that he sees a shallow increase for rates. Dudley’s comments follow Fed Governor Daniel Tarullo’s assertions on Thursday that second-quarter data indicate the US economy has lost momentum. Earlier this week, Governor Lael Brainaird also stated the economy has yet to show signs of a rebound after a sluggish start to the year.

The Dow Jones Industrial Average lost 56.12 points or 0.31 percent to 17,849.46, S&P 500 was lower by 3.01 points or 0.14 percent to 2,092.83 while, Nasdaq was up by 9.33 points or 0.18 percent to 5,068.46.

The Indian ADRs closed mostly in red on Friday; Tata Motors was down by 1.12%, Dr. Reddy’s Lab was down 0.11% and ICICI Bank was down by 0.07%. On the other hand, HDFC Bank was down 0.30% and Infosys was down by 0.16%.

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