US markets closed lower on Friday

20 Jun 2015 Evaluate

The US markets closed lower on Friday, paring some of the gains they made the day before. Investors were keeping an eye on events in China, where the main stock market plunged, and Europe, where talks between Greece and its creditors remain unresolved with a debt deadline looming at the end of the month. Euro zone leaders will hold an emergency crisis summit on Monday after finance leaders again failed to reach any kind of agreement between Greece and its creditors. The Dow industrials and S&P 500 however managed to notched second straight week of gains. San Francisco Fed President John Williams stated that the only thing standing between him and supporting an interest-rate increase is some better inflation data. Williams expects the Fed will hike rates twice this year. Interest rate projections released by the US central bank this week show that 10 Fed officials back two rate hikes in 2015 while seven support one or none. Williams, who is a voting member of the rate-setting committee this year, expects better inflation data soon now that energy prices have moved off their lows for the year and the dollar is stabilizing. And he added that he doesn’t need to see inflation nipping at the heels of the Fed’s 2% annual inflation target to support a rate hike, just convincing signs that the underlying trend in inflation has bottomed out and is poised to move back to 2%.

Meanwhile, in separate remarks, Loretta Mester, the president of the Cleveland Fed, notified that the economy can withstand a 25 basis point rate hike. Mester is not a voting member on the Fed policy committee. Mester cited recent labor market improvement, wage gains, stability in the dollar and oil prices, and expectations that inflation will start to rise as reasons for confidence. Mester appears to be in the three-hike camp.

The Dow Jones Industrial Average lost 99.89 points or 0.55 percent to 18,015.95, the Nasdaq was down 15.95 points or 0.31 percent to 5,117.00 and the S&P 500 ended lower by 11.25 points or 0.53 percent to 2,109.99.

The Indian ADRs markets ended mostly in red on Friday, Tata Motors was down by 0.60%, Infosys was down 0.27% and Wipro was down 0.19%. On the other hand, Dr. Reddy’s Lab was up 0.47% and HDFC Bank was up by 0.24%.

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