US markets closed higher; Nasdaq hits record closing high

24 Jun 2015 Evaluate

The US markets closed higher on Tuesday, though modest gains were enough to push the Nasdaq Composite to record closing levels. The gains on Wall Street followed rallies in global equity markets which were boosted by optimism about a possible solution to Greece’s debt woes. A key official at the Federal Reserve stated that there could be two interest-rate hikes this year as the stock market isn’t showing signs of being in a bubble. Federal Reserve Governor Jerome Powell enlightened that if the economy unfolds as expected, condition for two rate hikes this year could be in place as soon as September. The US central bank has set two conditions for a rate hike - continued improvement in the labor market and confidence that inflation is moving toward the central bank’s 2% annual target. Powell’s comments are important because Fed governors typically represent the consensus of the US central bank’s thinking of monetary policy. His remarks show September is a very live option for the first rate hike since 2006.

On the economy front, sales of new single-family homes in May reached the fastest pace in more than seven years that signaled strength during the hot spring housing market. New single-family homes sold at an annual rate of 546,000 in May, the most since February 2008, with growth in two of four regions. May’s pace was up 19.5% from a year earlier, signaling a healthy pick up, though recent sales rates remain below long-term averages. Home builders, themselves, see a bright future for the market, with sales ramping up. A gauge of confidence among builders recently hit a nine-month high. Separately, businesses increased investment in May, but they are still taking a cautious approach amid fresh uncertainty about the health of the global economy and a choppy path of US growth. Orders for durable goods minus defense and aircraft, a proxy for business investment, rose 0.4% in May to mark the second gain in three months. Overall orders for durable goods fell a seasonally adjusted 1.8% last month, but the decline stemmed mostly from a 35% plunge in bookings for expensive commercial aircraft, a category prone to sharp swings. Although the May report on durable goods was generally positive, businesses still aren’t spending and investing at a pace that would suggest they have full confidence in the economy. Business investment in the first five months of 2015, for example, was 2.6% lower compared to the same period in 2014.

The Dow Jones Industrial Average added 24.29 points or 0.13 percent to 18,144.07, the Nasdaq was up 6.13 points or 0.12 percent to 5,160.10 and the S&P 500 ended higher by 1.35 points or 0.06 percent to 2,124.20.

The Indian ADRs markets ended mostly in green on Tuesday, Dr. Reddy’s Lab was up 0.63%, HDFC Bank was up by 0.39% and Wipro was up 0.08%. On the other hand, Tata Motors was down by 0.34% and Infosys was down 0.31%.

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