US markets closed lower amid global jitters

09 Jul 2015 Evaluate

The US markets closed lower on Wednesday, as investors grappled with a precipitous selloff in Chinese shares and nervousness over unresolved Greece debt crisis. The New York Stock Exchange was halted for three-and-a-half hours. The Greek debt crisis remains a focus after euro group meeting and euro zone leaders’ summit concluded without progress on a bailout deal. According to minutes of the US central bank’s meeting released it’s still not clear what would persuade Federal Reserve officials to raise interest rates after nearly seven years at zero. Only one of the 10 Fed officials who have a vote this year was ready to hike rates in June, but that official expressed a willingness to wait another meeting or two. All of the other nine voting members said they were not ready to move. Officials stated that they needed more evidence that economic growth was sufficiently strong and labor market conditions had firmed enough to return inflation to the Committee’s longer-run objective over the medium term. There was concern at the meeting about developments in Greece and China and possible spillover effects on the US.

On the economy front, American consumers increased credit by an annualized 5.7% pace in May, mainly to buy cars and trucks and pay for college loans. Consumers increased their debt by a seasonally adjusted $16.1 billion in May. Credit had climbed at a 7.6% annual pace in April, 7.6% in March and 5.4% in February. The amount of credit taken out by consumer has risen every month since August 2011. Non-revolving credit that involves longer-term debt such as federal student loans jumped 7%. Credit-card debt rose a much smaller 2.1% after an 11.5% spike in April. Total credit card debt has grown very slowly since 2010 and still hasn’t returned to its all-time high even though the population has increased.

The Dow Jones Industrial Average lost 261.49 points or 1.47 percent to 17,515.42, the Nasdaq was down 87.70 points or 1.75 percent to 4,909.76 and the S&P 500 dropped 34.66 points or 1.67 percent to 2,046.68.

The Indian ADRs markets ended in red on Wednesday, HDFC Bank was down 2.85%, Tata Motors was down by 2.24%, Dr. Reddy’s Lab was down 0.90%, Infosys was down 0.41% and ICICI Bank was down by 0.35%.

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