US markets closed higher; Nasdaq at record high

19 Jun 2015 Evaluate

The US markets closed higher on Thursday, sending the Nasdaq Composite to record highs, while the main indexes recorded their third consecutive day of gains. Investors continued to cheer what they perceived as a dovish tone set by the US central bank and Chairwoman Janet Yellen following the conclusion of a two-day Fed policy meeting Wednesday. Fed Chairwoman Janet Yellen stated that economy has managed to escape the soft patch of the first quarter. The labor market is improving and some of the downward pressure on inflation from energy prices is abating. Yellen added that more progress is needed before the central bank would be ready to pull the trigger and raise rates. In a statement at the end of two days of talks, Fed officials were cautiously optimist about the economy.

On the economy front, the number of jobless workers seeking US unemployment benefits fell again in mid-June and stood near a 15-year bottom, reflecting the steady pace of hiring across the nation and the unusually low level of layoffs. Initial jobless claims in the period running from June 7 to June 13 fell by 12,000 to a seasonally adjusted 267,000. New claims are 15% lower compared to one year ago and they just slightly above a post-recession low of 262,000. The average of new claims over the past month, meanwhile, declined by 2,000 and stood at 276,750. The US consumer price index rose a seasonally adjusted 0.4% in May to mark the biggest gain in more than two years, reflecting a spike in retail gasoline prices ahead of the summer driving season. Over the past 12 months the main CPI is unchanged mainly because of lower energy costs. Core prices are up 1.7% in the same span. Inflation-adjusted hourly wages, meanwhile, fell 0.1% in May. The increase in consumer prices more than offset a 0.3% gain in average hourly earnings. Real hourly wages have risen 2.2% in the past year.

Meanwhile, the Philadelphia Fed’s manufacturing index increased to a reading of 15.2 in June, above the 6.7 in May. This is the highest reading since December. The subcomponent for new orders rose to 15.2 from 4.0, while the shipments index increased to 14.3 from 1.0. Employment slipped to 3.8 from 6.7. The prices paid index jumped 31 points to 17.2, its highest reading in eight months. The Philly Fed index had showed great strength in the fall, rising to 40.2 in November, but then slumped. The US leading economic index rose 0.7% in May for the second month in a row. The US LEI increased sharply again in May, confirming the outlook for more economic expansion in the second half of the year after what looks to be a much weaker first half.

The Dow Jones Industrial Average gained 180.10 points or 1.00 percent to 18,115.84, the Nasdaq rose 68.07 points or 1.34 percent to 5,132.95 and the S&P 500 ended higher by 20.80 points or 0.99 percent to 2,121.24.

The Indian ADRs markets ended in green on Thursday, HDFC Bank was up by 0.68%, Tata Motors was up by 0.64%, Dr. Reddy’s Lab was up 0.43%, Infosys was up 0.25% and Wipro was up 0.22%.

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