US markets closed mostly up on encouraging GDP data

31 Jul 2015 Evaluate

The US markets closed a choppy session mostly in green on Thursday, after data showed the economy picked up its pace in the second quarter, leaving the Federal Reserve on track to raise interest rates as soon as September. The US economy firmed up in the spring after a soft start to the beginning of the year. Gross Domestic Product - the value of everything a nation produces - rose at a 2.3% annual rate from April to June. The economy grew at 0.6% clip in the first quarter instead of contracting 0.2%, revised government figures showed. The latest reading on GDP was propelled by higher consumer spending on big-ticket items such as new cars and trucks and the strongest housing market in years. The number of people who applied for US unemployment benefits rose by 12,000 to 267,000 in week ended July 25. Despite the increase, claims remain near the lowest level in decades, indicating the labor market is still on an upswing. The average of new claims over the past month, meanwhile, fell by 3,750 to seasonally adjusted 274,750. The four-week average smooths out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends. Continuing jobless claims rose 46,000 to 2.26 million in the week ended July 18. These claims reflect people already receiving unemployment checks.

Meanwhile, the US trade deficit in goods widened in June and stood at $62.3 billion from $59.7 billion a month earlier. The advance report on monthly international goods-only trade, released for the first time, will allow Commerce’s Bureau of Economic Analysis to incorporate three months of official trade data into its first estimate of quarterly gross domestic product.

The Nasdaq was up 17.06 points or 0.33 percent to 5,128.79, the S&P 500 gained 0.06 points to 2,108.63, while the Dow Jones Industrial Average lost 5.41 points or 0.03 percent to 17,745.98.

The Indian ADRs ended mostly in green on Thursday, Dr. Reddy’s Lab was up 3.45%, Tata Motors was up 0.23% and ICICI Bank was up by 0.25%. On the other hand, Infosys was down by 0.05% and Wipro was down 0.03%.

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