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  3. US markets closed higher on strong housing data

US markets closed higher on strong housing data

18 Aug 2015 Evaluate

The US markets closed mostly higher on Monday, after investors put more weight on strong housing data than a dismal manufacturing report for the New York region. The Fed will also release minutes from its July meeting on Wednesday afternoon. Investors will evaluate the Fed minutes for any new signs that Fed members were concerned about low inflation, even before the more recent decline. They will also look for new information on how the Fed sees global risks to the economy, though the minutes won’t capture last week's surprise devaluation of the Chinese yuan. On the economy front, home-builder confidence rose in August to the highest level in nearly a decade. The National Association of Home Builders/Wells Fargo housing market index rose 1 point to 61, marking the highest level since Nov. 2005. The index measuring buyer traffic increased two points to 45 and the component gauging current sales conditions rose one point to 66. The index for sales expectations in the next six months held steady at 70. However, a reading of New York-area manufacturing conditions fell swiftly and brutally in August, one that could make the likelihood of an interest-rate hike next month - or even this year - more remote. The Empire State general business conditions index nose-dived to a reading of negative 14.9, from positive 3.9 in July, marking the worst level since April 2009. The index, on a scale where any positive number indicates improving conditions, was far worse than the positive 4.5 forecast.

The Dow Jones Industrial Average gain 67.78 points or 0.39 percent to 17,545.18, the Nasdaq added 43.46 points or 0.86 percent to 5,091.70 while, the S&P 500 was up by 10.90 points or 0.52 percent to 2,102.44. 

The Indian ADRs ended mostly in red on Monday, Dr. Reddy’s Lab was down 0.29%, Infosys was down 0.07% and HDFC Bank was down by 0.06%. On the other hand, Tata Motors was up by 0.12% and ICICI Bank was up 0.04%.




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