US markets closed lower relinquising all opening gains

26 Aug 2015 Evaluate

The US markets closed lower on Tuesday, relinquishing all of their opening gains, falling into negative territory ahead of the closing bell as selling accelerated in the final hour. On the economy front, US house prices rose 1% in June, reflecting an uptick in sales and a low supply of properties for sale, according to the S&P Case-Shiller 20-city composite index. After seasonal adjustment, prices fell 0.1%. Home prices in June were up 5% from a year earlier, little changed from May. The builders have begun work on more homes, a trend that could help stabilize prices. The biggest year-over-year increases in prices occurred in Denver (10.2%), San Francisco (9.5%) and Dallas (8.2%). Sales of new single-family homes rebounded in July after a sharp decline in June. Sales of new single-family homes rose 5.4% in July to a seasonally adjusted annual rate of 507,000 after a 7.7% decline in the prior month. The government revised July’s rate slightly to 481,000. Sales of new homes in July were up 25.8% from a year earlier. The median price of new homes hit $285,900 in July, up 2.0% from the year-earlier period. The supply of new homes on the US market fell to 5.2 months in July from 5.3 months in June.

Meanwhile, consumer confidence rose in August to the highest level since January and the second highest level since the end of the recession. The consumer confidence index climbed to 101.5 from a revised 91.0 in July. The present situation index, a measure of current conditions, soared to a post-recession high of 115.1 from 104 in July. The future expectations index increased to 92.5 from 82.3. Consumers’ assessment of current conditions was considerably more upbeat, primarily due to a more favorable appraisal of the labor market. The uncertainty expressed last month about the short-term outlook has dissipated and consumers are once again feeling optimistic about the near future.

The Dow Jones Industrial Average lost 204.91 points or 1.29 percent to 15,666.44, the Nasdaq dropped 19.76 points or 0.44 percent to 4,506.49, while the S&P 500 was down by 25.60 points or 1.35 percent to 1,867.61.

The Indian ADRs ended mostly in green on Tuesday, Dr. Reddy’s Lab was up 2.13%, Tata Motors was up 1.01%, HDFC Bank was up by 0.42% and ICICI Bank was up 0.17%. On the other hand, Infosys was down by 0.04%.

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