US markets closed lower for third straight session

24 Jul 2015 Evaluate

The US markets closed lower on Thursday, after the selling pressure accelerated in the afternoon session and the main indexes closed with losses for the third straight day, led lower by utilities, materials and industrial stocks. A cautious mood on Wall Street was evident in the rise in havens such as treasuries and a selloff in commodities like oil and gold. On the economy front, the number of people who applied for US unemployment benefits slid to the lowest level since 1973 in the seven days ended July 18, another sign of strong labor-market conditions. New applications for US unemployment benefits declined by 26,000 to 255,000 in the seven days ended July 18. New claims have been under 300,000 since late February, the longest run in 15 years. In this week’s data, the average of new claims over the past month edged down by 4,000 to a seasonally adjusted 282,500. Continuing jobless claims declined by 9,000 to 2.2 million in the week ended July 11. These claims reflect people already receiving unemployment checks.

Meanwhile, an indicator of US economic activity jumped in June, widely surpassing expectations and suggesting a stronger economic outlook. The Conference Board’s Leading Economic Index rose 0.6 percent to 123.6 in June following a revised reading of an 0.8 percent increase in May, and a 0.6 percent increase in April. The Federal Reserve Bank of Chicago releases a national activity index each month, and it is indicating that economic growth managed to increase slightly in the month of June. The Chicago Fed National Activity Index (CFNAI) was +0.08 in June versus -0.08 in May.

The Dow Jones Industrial Average lost 119.12 points or 0.67 percent to 17,731.92, the Nasdaq was down 25.36 points or 0.49 percent to 5,146.41 while the S&P 500 dropped 12.00 points or 0.57 percent to 2,102.15.

The Indian ADRs markets ended mixed on Thursday, HDFC Bank was down 0.35%, Wipro was down 0.17% and ICICI Bank was down by 0.16%. On the other hand, Tata Motors was up 0.30% and Dr. Reddy’s Lab was up 0.26%.

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