US markets closed higher amid Greece drama

08 Jul 2015 Evaluate

The US markets closed higher on Tuesday, following news reports that Greek Prime Minister Alexis Tsipras has proposed an interim financing until the end of July. Greece asked for extra funds in exchange for some overhauls being demanded from Greece’s parliament. The International Monetary Fund stated that hiking interest rates too soon could stall the US economy, embellishing a prior call for the Federal Reserve to hold steady until early next year. The IMF comments came from its annual report on the US economy and an ensuing press conference. The IMF doesn’t see inflation as measured by the Fed’s favorite measure hitting 2% through 2017. IMF added that a rate hike could push up the dollar, which is already slightly overvalued. Further appreciation of the greenback is an important risk to growth.

On the economy front, the US ran a trade surplus with Canada in May for the first time since at least 1990, owing to less need for imported oil and a stronger dollar that makes it easier to buy foreign petroleum. Yet despite the positive balance with Canada, the largest trading partner of the US, the nation’s trade deficit rose 2.9% in May, mostly because the US exported fewer aircraft and other manufactured goods. The trade gap climbed to a seasonally adjusted $41.9 billion from a revised $40.7 billion in April. US exports dropped 0.8% in May to $188.6 billion and they are down 2.7% in the first five months of 2015 compared to the same period a year earlier. Meanwhile, imports slid 0.1% in May to $230.5 billion. The US imported a record $29.5 billion in autos and parts, reflecting a post-recession surge in sales of cars and trucks.

Meanwhile, job openings at US workplaces rose to a record high of 5.36 million in May (data go back to the end of 2000) from 5.33 million in April. Compared with same period in the prior year, May’s job openings rose 16%, as private-sector openings increased 16% to 4.85 million, and government positions rose to 511,000 from 430,000. With 8.67 million unemployed people in May, there were about 1.6 potential job seekers per opening, matching April’s ratio. In May 2014, there were about 2.1 potential seekers per opening. The number of separations, such as quits and layoffs, dropped to 4.74 million in May from 4.9 million in April. Meanwhile, the total number of hires declined to 5 million from 5.03 million. The level of hires was about 5.04 million when the recession began.

The Dow Jones Industrial Average added 93.33 points or 0.53 percent to 17,776.91, the Nasdaq was up 5.52 points or 0.11 percent to 4,997.46 and the S&P 500 added 12.58 points or 0.61 percent to 2,081.34.

The Indian ADRs markets ended mostly in red on Tuesday, Tata Motors was down by 0.75%, ICICI Bank was down by 0.02% and Infosys was down 0.02%. On the other hand, Dr. Reddy’s Lab was up 1.42% and HDFC Bank was up 0.67%.

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