US markets closed lower on Greek protests

16 Jul 2015 Evaluate

The US markets closed lower on Wednesday, snapping a recent streak of gains, following reports of violent protests in Greece. All three major indexes fell to session lows soon after reports of violent protests in Athens as Greece’s parliament votes on terms of its third bailout package. A key report about the US economy released offered an optimistic take on the US economy, further lending credence to speculation that the Federal Reserve will raise interest rates later this year. The Federal Reserve’s Beige Book indicated growing optimism about the US economy, with each of the central bank’s 12 districts reporting activity expanded from mid-May through June, and particular optimism coming from five districts. Like many previous reports, that growth was described as modest or moderate. The Beige Book, which is a collection of anecdotes about the economy, reported improving consumer spending, mixed activity for transportation, positive reports on real estate, increasing lending activity, and modest wage pressures. The report was in line with the testimony provided earlier in the day from Federal Reserve Chairwoman Janet Yellen, who told a House committee the Fed could raise interest rates later this year. Cleveland Fed President Loretta Mester stated that she’s already willing to raise interest rates but was content to wait a few more meetings if other central bank members wanted.

On the economy front, the Empire State index of manufacturing conditions in the New York area swung back to positive territory in July. The index rose to 3.9 points from a negative 2 in June. Any reading above zero indicates improving conditions. However, the internals of the report weren’t encouraging, with the new orders index actually getting more negative, falling to negative 3.5 from negative 2.1, and the shipments index sliding to 7.9 from 12. US producer prices rose a seasonally adjusted 0.4% in June, led by energy. June’s result was higher than expected. The price of goods rose 0.7%, while services increased 0.3%. Producer prices over the 12 months through June were down 0.7%. Excluding the volatile categories of food, energy and trade, core prices rose 0.3% in June. The core rate has risen 0.7% in the last 12 months.

The Dow Jones Industrial Average lost 3.41 points or 0.02 percent to 18,050.17, the Nasdaq was down 5.95 points or 0.12 percent to 5,098.94 and the S&P 500 was lower by 1.55 points or 0.07 percent to 2,107.40.

The Indian ADRs markets ended mostly in green on Wednesday, Wipro was up 0.21%, Infosys was up 0.20%, HDFC Bank was up 0.12% and Tata Motors was up by 0.10%. On the other hand, ICICI Bank was down 0.04%.

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