US markets closed higher on hopes of Greece bailout

11 Jun 2015 Evaluate

The US markets closed higher on Wednesday, with the S&P 500 and Dow industrials posting their biggest one-day gains in more than a month, amid fresh hopes that Greece’s creditors will release more bailout cash. The World Bank cut its global growth outlook for this year and urged countries to fasten their seat belts as they adjust to lower commodity prices and a looming rise in US interest rates. The World Bank in its report stated that the Federal Reserve should hold off on a rate hike until next year to avoid worsening exchange rate volatility and crimping global growth. In its twice-yearly Global Economic Prospects report, the global development lender predicted the world economy would expand 2.8 percent this year, below its 3 percent prediction in January. But the World Bank cut its 2015 growth forecast for developing countries to 4.4 percent, from 4.8 percent in January. It also lowered the growth outlook for the United States to 2.7 percent this year, from 3.2 percent in January, and to 2.8 percent next year, from a previous forecast of 3 percent. The US economy slumped at the beginning of 2015 due in large part to bad winter weather, a strong dollar, port disruptions and deep energy sector spending cuts.

On the economy front, the US budget deficit for May dropped sharply from the level a year ago but much of the improvement reflected a calendar quirk. In its monthly budget report, the Treasury Department reported that the May deficit dropped to $82.4 billion, down from a deficit of $130 billion in May 2014. But last year's deficit was inflated because June 1 fell on a Saturday, requiring the government to mail out $35 billion in June benefit payments in May of last year. For the first eight months of this budget year, which began October 1, the deficit totals $365.2 billion, down 16.3 percent from the same period last year. This year’s deficit improvement has been helped by a stronger economy, which has pushed up tax receipts by 8.6 percent.

Meanwhile, US labor costs increased strongly in the first quarter as wages in the private sector accelerated sharply, the latest indication that pay gains could be gathering momentum. In its Employer Costs for Employee Compensation report, the Labor Department stated that labor costs increased 4.9 percent in the first quarter compared to the same period last year. That followed a similar gain in the fourth quarter. The ECEC measures employer costs for wages, salaries, and employee benefits for nonfarm private and state and local government workers.

The Dow Jones Industrial Average added 236.36 points or 1.33 percent to 18,000.40, Nasdaq was up by 62.82 points or 1.25 percent to 5,076.69 while, S&P 500 gained by 25.05 points or 1.20 percent to 2,105.20.

The Indian ADRs closed in green on Wednesday; HDFC Bank was up 0.95%, Tata Motors was up 0.76%, Dr. Reddy’s Lab was up 0.74%, Infosys was up by 0.61% and Wipro was up 0.46%.

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