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  3. US markets closed up; Fed keeps interest rate unchanged

US markets closed up; Fed keeps interest rate unchanged

30 Jul 2015 Evaluate

The US markets closed higher on Wednesday, after the Federal Reserve offered no clear indication of the timing of the next rate hike, but left itself room to act as early as September, citing continued solid gains in the job market. Policy makers voted unanimously to keep a key US interest rate unchanged and reiterated their dependency on data to determine their game plan for tightening monetary policy. The US central bank left its key rate in a range of 0% to 0.25%, where it has been since the depths of the Great Recession more than six years ago. Fed officials have demonstrated a clear appetite to hike rates at least once this year, especially given the improvement in the labor market. The Fed will want to ensure that the two employment reports between the July and September meetings aren’t duds, and that no global risks flare up before the US central bank signals its intention to move on rates. Financial markets will now turn their attention to speeches by Fed governors and regional bank presidents. A summary of the discussion at this week’s policy meeting will be released on August 19. On the economy front, a gauge of pending home sales fell in June, pulling back from May’s reading, which was the highest in more than nine years. The index from the National Association of Realtors reached a seasonally adjusted 110.3 in June, down 1.8% from 112.3 in May, signaling that upcoming deals could slow. June is the first decrease in six months.

The Dow Jones Industrial Average added 121.12 points or 0.69 percent to 17,751.39, the Nasdaq was up 22.52 points or 0.44 percent to 5,111.73 while the S&P 500 gained 15.32 points or 0.73 percent to 2,108.57. 

The Indian ADRs ended mostly in green on Wednesday, Tata Motors was up 0.36%, HDFC Bank was up 0.10% and Wipro was up 0.10%. On the other hand, Dr. Reddy’s Lab was down 1.14% and ICICI Bank was down by 0.12%.



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