US markets closed mostly up; Nasdaq ends in red

04 Sep 2015 Evaluate

The US markets closed mostly higher on Thursday, though relinquishing major early gains ahead of highly anticipated Friday employment report. The jobs report is widely viewed as the last piece of US data puzzle before the Federal Reserve makes its interest-rate policy decision at its two-day meeting beginning September 16. Treasury Secretary Jacob Lew stated that he is keeping a careful eye on market volatility and looking at any related risk to the US economy. Lew also added that he tries to not respond immediately to minute-to-minute or day-to-day market moves, but instead consults with senior leaders in the financial world, colleagues and central bankers. He criticized China’s move last month to change its foreign-exchange policy. On the economy front, the US trade deficit fell 7.4% in July, mainly because of lower imports such as cell phones and pharmaceutical products. Exports rose for the first time in three months. The trade deficit declined to a seasonally adjusted $41.9 billion in July from a revised $45.2 billion in the prior month. Exports rose 0.4% in July to $188.5 billion, led by stronger sales of US autos as well as industrial equipment. Yet despite the increase, exports were still 4.2% lower compared with one year ago.

Meanwhile, the number of Americans who sought unemployment benefits at the end of August rose to a two-month high but the so-called initial claims is still at very low levels that suggest a low rate of layoffs in the economy. Initial jobless claims in the period running from August 23 to August 29 rose by 12,000 to 282,000. That’s the highest level since the end of June. Still, new claims have been under the key 300,000 level for the past six months, the longest streak since 2000. The average of new claims over the past month rose by 3,250 to 275,500. The Institute for Supply Management’s services index slipped in August but to a very strong reading indicating growth in the sector. The services index fell to 59% from 60.3% in July, on a scale where readings over 50% indicate improving conditions. A similar gauge released by Markit showed a services reading of 56.1 in August, above the flash reading of 55.2 and up from 55.7 in July. Ahead of Friday’s payrolls report, the ISM services employment index fell 3.6 points to 56%.

The Dow Jones Industrial Average was up by 23.38 points or 0.14 percent to 16,374.76, the S&P 500 gained by 2.27 points or 0.12 percent to 1,951.13 while, the Nasdaq lost 16.48 points or 0.35 percent to 4,733.50.

The Indian ADRs ended mostly in green on Thursday, Tata Motors was up 0.65%, Wipro was up 0.28% and HDFC Bank was up by 0.21%. On the other hand, Dr. Reddy’s Lab was down 0.91% and ICICI Bank was down 0.06%.

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