US markets close higher as Greece fear wanes

17 Jul 2015 Evaluate

The US markets closed higher on Thursday, with the Nasdaq Composite reaching a new closing high, after fears of a Greek exit from the euro zone subsided and as Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress. Yellen stated that she doesn’t want to see inflation linger below 2% and that risks lie on tightening too early or too late. On Wednesday, Yellen repeated her intent to raise rates sometime this year because the US economy is looking better. On the economy front, the number of people who applied for US unemployment benefits fell sharply in the seven days ended July 11, erasing a spike in the prior week tied to retooling at auto plants and other seasonal quirks typical in midsummer. Initial jobless claims in the period running from July 5 to July 11 declined by 15,000 and stood at a seasonally adjusted 281,000. New claims have been under the key 300,000 level since late February, the longest run in 15 years.

Meanwhile, a gauge of confidence among home builders remained at 60 in July, the strongest reading since late 2005. NAHB previously estimated a June reading of 59. Readings above 50 signal that home-construction companies, generally, are optimistic about sales trends, and July marks the 13th consecutive month of above-50 readings. Separately, US manufacturers in the Philadelphia region are still growing, but not very fast. The Philadelphia Federal Reserve’s index of business conditions declined to 5.7 this month from 15.2 in June, marking the slowest pace in four months. Still, any number over zero means more companies are expanding instead of contracting.

The Dow Jones Industrial Average added 70.08 points or 0.39 percent to 18,120.25, the Nasdaq was up 64.24 points or 1.26 percent to 5,163.18 and the S&P 500 gained by 16.89 points or 0.80 percent to 2,124.29.

The Indian ADRs markets ended in green on Thursday, HDFC Bank was up 1.67%, Dr. Reddy’s Lab was up 1.38%, Tata Motors was up by 0.28%, Infosys was up 0.15% and ICICI Bank was up 0.12%.

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