US markets closed higher as data trumps Greece drama

02 Jul 2015 Evaluate

The US markets closed higher on Wednesday, as investors looked beyond the latest developments in Greece and focused on economic data. Greece is going ahead with a referendum on Sunday to decide whether to accept the austerity demands of its creditors. Talks over the past few weeks to negotiate a bailout deal ended without a deal, and Greece is now in arrears on its IMF loan payment. Meanwhile, investors assessed economic reports as well as monthly car sales. Private-sector hiring rose to the fastest pace in half a year in June, showing the US labor market remains in high gear. Employers added 237,000 private-sector jobs in June - the most since December - pushing past a consensus estimate from economists of 220,000. According to ADP, small private-sector businesses added 120,000 jobs in June, medium businesses added 86,000 and large businesses added 32,000. Most of those gains were in the service sector - 225,000 jobs added there, compared with 12,000 for goods producers. US manufacturers grew in June at the fastest rate since the start of the year and they stepped up hiring plans. The Institute for Supply Management stated that its manufacturing index rose to 53.5% last month from 52.8% in May, matching its highest level since January.

Meanwhile, the second and final Markit reading of US manufacturing conditions in June was revised up to 53.6 from a preliminary 53.4, but the index was still at its lowest level since October 2013. The manufacturing index fell from 54.0 in May. Readings over 50 indicate growth, but manufacturers have been hurt by a stronger dollar that’s hurt exports, among other things. Several top auto makers posted higher US sales in June, capping a fast-paced first half of the year and prompting many industry analysts to lift annual light-vehicle-sales forecasts. The strong start to the summer selling season is a welcome trend for an auto industry combating slowdowns in other parts of the world.

The Dow Jones Industrial Average added 138.40 points or 0.79 percent to 17,757.91, the Nasdaq was up 26.25 points or 0.53 percent to 5,013.12 and the S&P 500 added 14.31 points or 0.69 percent to 2,077.42.

The Indian ADRs markets ended mostly in green on Wednesday, HDFC Bank was up 1.29%, Dr. Reddy’s Lab was up 0.27%, Tata Motors was up by 0.09% and Wipro was up by 0.08%. On the other hand, ICICI Bank was down by 0.05%.

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