US markets closed flat recovering from intraday low

13 Aug 2015 Evaluate

The US markets closed flat on Wednesday, as uncertainty over the extent of China’s currency actions remains a big concern for investors in an already struggling US stock market. On the economy front, the federal government ran a budget deficit of $149 billion in July. The shortfall was $55 billion higher than in the same month a year ago. In July, the government spent $375 billion, up $66 billion, or 21%, from last July. Some of the biggest spending increases were for Medicare and education programs. Revenues were $225 billion, up $11 billion, or 5%. Most of the increase was from individual income and payroll taxes. For the fiscal year to date, the deficit is $466 billion, compared to $460 billion in the year-ago period. The government’s fiscal year runs from October to September. The number of available jobs fell in June, even as companies hired more. There were 5.25 million job openings, down from 5.36 million in May, while the number of hired rose to 5.18 million from 5.06 million. The quits rate -- a measure of worker willingness to leave to search or go to a new job -- stayed at 1.9% in June. There were 1.6 unemployed in June for every job opening.

Meanwhile, Federal Reserve Bank of New York President William Dudley stated that Chinese currency-market interventions this week have huge implications for the world economy but the US appears on track to raise short-term interest rates in the near future. Dudley added that it was very early days to judge the full impact of China’s market developments on the global economy, including emerging-market economies that are hurt by its flagging growth. Dudley expects the US economy would make progress toward the Fed’s goal of maximum employment and price stability.

The Nasdaq gained 7.60 points or 0.15 percent to 5,044.39, the S&P 500 was up by 1.98 points or 0.10 percent to 2,086.05 while, the Dow Jones Industrial Average lost 0.33 points to 17,402.51.

The Indian ADRs ended mostly in green on Wednesday, HDFC Bank was up 0.74%, Infosys was up 0.39% and Wipro was up 0.35%. On the other hand, Tata Motors was down by 1.01% and ICICI Bank was down 0.12%.

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