US markets closed modestly higher on Thursday

10 Jul 2015 Evaluate

The US markets closed higher on Thursday, a day after Wall Street trading session was marked by a 3 1/2-hour halt on the New York Stock Exchange due to a technical issue. On the economy front, new applications for US unemployment insurance benefits rose last week to their highest rate since February, but remained at levels considered consistent with a firming labor market. Initial claims for state unemployment benefits rose 15,000 to a seasonally adjusted 297,000 for the week that ended July 4. The previous week’s claims were revised to 282,000, showing that 1,000 more people filed than initially reported. Thursday’s jobless claims report marks the 18th consecutive week of new filings below 300,000, which is seen as a sign that the labor market is improving. The four-week moving average of claims, which smooth's out week-to-week fluctuations and is therefore considered a better gauge of the labor market, rose 4,500 to 279,500 last week.

Meanwhile, Charles Evans, the president of the Chicago Federal Reserve and already a dovish outlier at the US central bank, stated that he doesn’t want to increase interest rates until mid-2016, even later than his prior call of early in the year. Evans added that while US economic fundamentals look good, much of the forecast for strong growth in coming years depends on the consumer, who hasn’t seen wages or incomes increase. Evans is one of only two Fed officials who don’t think the first rate hike will come this year. The remaining 15 officials think the Fed will move at least once before the end of the year. The Chicago Fed president enlightened that it would be hard to backtrack if the US central bank moved too soon. He noted that he doesn’t see inflation getting back to 2% annual target until after 2017.

The Dow Jones Industrial Average added 33.20 points or 0.19 percent to 17,548.62, the Nasdaq was up 12.64 points or 0.26 percent to 4,922.40 and the S&P 500 gained 4.63 points or 0.23 percent to 2,051.31.

The Indian ADRs markets ended mostly in green on Thursday, HDFC Bank was up 0.56%, Dr. Reddy’s Lab was up 0.39% and Tata Motors was up by 0.32%. On the other hand, Wipro was down 0.09% and Infosys was down 0.04%.

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