US markets closed higher on encouraging data

12 Jun 2015 Evaluate

The US markets closed higher on Thursday, as retail sales provided more evidence of a strengthening economy. Though, the main indexes finished off their session highs, pulling back after the International Monetary Fund halted negotiations with debt-strapped Greece. On the economy front, sales at US retailers climbed 1.2% in May and rose for the third month in a row, offering more evidence of springtime rebound in consumer spending after a winter lull. Auto dealers and gasoline stations posted the strongest sales, but most major retail segments saw healthy gains. Excluding autos, sales rose 1%. Sales minus autos and gasoline climbed 0.7%. What’s more, sales in April and March were stronger than initially reported. Retail sales rose 0.2% in April instead of being unchanged. Sales in March were revised up to 1.5% from 1.1%. The number of people who applied for US unemployment benefits rose slightly in the first week of June but remained near a 15-year low amid a sharp upsurge in hiring over the past few years. Initial jobless claims edged up by 2,000 to 279,000 in the seven days from May 31 to June 6. Initial claims have been under the key 300,000 mark for 14 weeks in a row, a feat last accomplished 15 years ago. The average of new claims over the past month, meanwhile, rose by 3,750 to 278,750.

Meanwhile, US business inventories recorded their biggest increase in nearly a year in April. The Commerce Department reported that business inventories rose 0.4 percent, the largest gain since May 2014, after edging up 0.1 percent in March. Inventories are a key component of gross domestic product. Retail inventories excluding autos, which go into the calculation of GDP, rose a solid 0.6 percent in April. That was the biggest increase since November 2013 and followed a 0.1 percent gain in March.

The Dow Jones Industrial Average added 38.97 points or 0.22 percent to 18,039.37, Nasdaq was up by 5.82 points or 0.11 percent to 5,082.51 while, S&P 500 gained by 3.66 points or 0.17 percent to 2,108.86.

The Indian ADRs closed in red on Thursday; Tata Motors was down 0.73%, Dr. Reddy’s Lab was down 0.68%, HDFC Bank was down 0.47%, Infosys was down by 0.47% and Wipro was down 0.17%.

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