US markets closed mostly higher on rally in technology stocks

18 Jul 2015 Evaluate

The US markets closed mostly higher on Friday, with the Nasdaq Composite scaling record, powered by rally in technology companies following Google’s blockbuster results. On the economy front, the consumer price index rose a seasonally adjusted 0.3% in June, spurred by rising costs for housing, gasoline and food such as eggs. Energy prices rose 1.7% and food prices increased 0.3%. Excluding food and energy, so-called core consumer prices rose 0.2% in June. Over the past 12 months the main CPI has risen by an unadjusted 0.1%, the first time it’s shown a yearly increase since December. Core prices are up a mild 1.8% in the past year. Real or inflation-adjusted hourly wages, meanwhile, fell by 0.4% in June. Real hourly wages are up a lackluster 1.7% in the last 12 months. Home builders ramped up construction in June and laid the groundwork for an even busier fall, with work on multi-unit complexes such as townhouse rows and apartment buildings reaching the highest level in 28 years. So-called housing starts surged nearly 10% last month to an annual rate of 1.17 million, just a touch below a post-recession high. However, consumers’ attitudes soured in July, with a gauge of their sentiment pulling back from June’s five-month high. The University of Michigan’s gauge of consumer sentiment fell to a preliminary July reading of 93.3 from a final June level of 96.1.

Meanwhile, Federal Reserve Vice Chairman Stanley Fischer stated that US inflation is still too weak and the central bank must ensure it moves up gradually to its 2% target. Fischer added that he never thought he would encounter this problem as a policy maker, since for much of the last few decades any worries about inflation tended to be about prices picking up too quickly. Fischer pushed back against Wall Street criticisms of financial regulation, saying the financial crisis proved the rules of the road were too lax and banks were far too reliant on debt, making them fragile and vulnerable to shocks. He enlightened that bank stress tests are a key innovation in bank supervision that has helped policy makers get a grip on a complex and highly interconnected financial system.

The Nasdaq was up 46.96 points or 0.91 percent to 5,210.14, the S&P 500 gained by 2.35 points or 0.11 percent to 2,126.64 while the Dow Jones Industrial Average lost 33.80 points or 0.19 percent to 18,086.45.

The Indian ADRs markets ended mixed on Friday, HDFC Bank was up 0.22%, Dr. Reddy’s Lab was up 0.13% and ICICI Bank was up 0.05%. On the other hand, Wipro was down by 0.15% and Infosys was down 0.09%.

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