US markets closed higher; snaps six-day rout

27 Aug 2015 Evaluate

The US markets closed higher on Wednesday, snapping the six-day stock-market rout, with Dow and S&P 500 posting their largest gains in nearly four years. The jump attributed to fresh stimulus measures by China’s central bank as well as better-than-expected economic data. New York Fed President William Dudley, a pivotal member of Fed Chairwoman Janet Yellen’s inner circle, backed away from supporting an interest-rate hike at the US central bank’s September meeting. Dudley stated that wild swings in global financial markets, the slowing Chinese economy and falling commodity prices have increased the downside risks to the US economic outlook somewhat. There could be less demand for US goods and services, as strains are rising on emerging economies. And the drop in stock prices effectively has had the same impact as higher interest rates by tightening financial market conditions. The New York Fed President is a fairly dovish US central banker. But more important, he is seen as reflecting Yellen’s views. Dudley added that it was important not to overreact to the stock-market tumble and stressed his views could change again before the Fed meeting on September 16-17.

On the economy front, orders for long-lasting US goods rose in July, and a key measure of investment posted the biggest gain in 13 months, a sign that companies continue to spend despite a tougher business climate. Durable-goods orders rose a seasonally adjusted 2% last month after a 4.1% gain in June. That was much stronger than Wall Street expected. Bookings for new cars and trucks and military hardware led the way. Orders rose 4% for autos and 22.3% for large defense goods such as fighter jets, missiles and tanks. In a good sign, business investment outside the volatile defense and transportation industries rose for the second straight month. So-called core orders climbed 2.2%, the biggest gain since June 2014. Still, business investment remains relatively soft, down 3.8% from a year earlier. A stronger dollar has made US exports costlier and harder to sell, a problem exacerbated by a weak global economy.

The Dow Jones Industrial Average added 619.07 points or 3.95 percent to 16,285.51, the Nasdaq gained 191.05 points or 4.24 percent to 4,697.54, while the S&P 500 was up by 72.90 points or 3.90 percent to 1,940.51.

The Indian ADRs ended in green on Wednesday, Dr. Reddy’s Lab was up 1.25%, Tata Motors was up 1.10%, Infosys was up by 0.45%, HDFC Bank was up by 0.42% and Wipro was up 0.25%.

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