US markets closed mostly up after conflicting economic data

06 Aug 2015 Evaluate

The US markets closed mostly higher on Wednesday, in a choppy day of trading as investors digested conflicting US economic data. The main indexes advanced in early trade after a softer-than-expected reading on private payroll growth stoked ideas the Federal Reserve might not be so hasty about hiking rates. In other economy news, the United States in June posted a record trade deficit in goods with the European Union, a sign of the sharp divergence in fortunes between the two regions. The overall US trade deficit, which includes services, climbed 7.1% to a seasonally adjusted $43.8 billion in June. The upturn largely reflected an all-time high in imports such as autos, drugs and commercial aircraft from Europe. The flip side of a stronger US economy compared to the rest of the world is a sharp increase in the value of the dollar that’s made American goods and services more expensive in Europe and elsewhere, cutting into exports.

Moreover, private-sector hiring decelerated in June to the slowest pace in three months. Employers added 185,000 private-sector jobs in July - below the average pace for the past six months - and below the consensus estimate from economists of 220,000. The job gains in June were also revised down, to a gain of 229,000 from the initial estimate of 237,000. Gains slowed across all size-firms except large firms in July. Manufacturing employment has slowed sharply since the beginning of the year. Separately, a reading of the services sector jumped to the highest level in July since Aug. 2005. The Institute for Supply Management’s services index surged to 60.3% from a 56% reading in June. Any reading above 50% indicates expansion. The business activity and new orders components both were over 60% and the employment index increased 6.9% points to 59.6%.

Meanwhile, Federal Reserve Governor Jerome Powell stated that the labor market continues to look solid, but he’s undecided whether interest rates should be raised next month for the first time in nine years. He stressed his decision is data-dependent, but added that he believes the trajectory for rates once the initial hike happens should be shallow. Powell enlightened that the path for rates is more important than the exact timing of the first move. Policymakers are looking for some further improvement in jobs, and reasonable confidence of inflation going back to 2 percent in the medium term.

The Nasdaq was up 34.40 points or 0.67 percent to 5,139.95, the S&P 500 added 6.52 points or 0.31 percent to 2,099.84 while, the Dow Jones Industrial Average lost 10.22 points or 0.06 percent to 17,540.47.

The Indian ADRs ended mostly in green on Wednesday, Dr. Reddy’s Lab was up 1.67%, Infosys was up 0.45%, Wipro was up 0.42% and Tata Motors was up 0.36%. On the other hand, ICICI Bank was down 0.03%.

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