US market closed higher on Tuesday

09 Sep 2015 Evaluate

The US markets closed higher on Tuesday, with the main indexes posting their second-largest daily gains of the year, as market participants cheered rising expectations for additional economic stimulus measures by Chinese authorities. The World Bank’s chief economist stated that the US Federal Reserve should hold off on raising interest rates until the global economy is more stable. Rising uncertainty over growth in China and its impact on the global economy meant a Fed decision to raise its policy rate next week, for the first time since 2006, would have negative consequences. The warning highlights the mounting concern outside the US over the Fed’s potential lift-off. It follows similar advice from the International Monetary Fund where anxieties have also grown in recent weeks about the potential repercussions of a September rate rise. The head of the International Monetary Fund, Christine Lagarde, last week stated that the US Federal Reserve should not rush its decision to raise interest rates and should move only when it is sure the decision is unlikely to be reversed later. Lagarde added that many emerging market economies are concerned that a Fed rate rise would trigger large outflows of capital from emerging economies into dollar-denominated assets, creating market turmoil that would hurt growth.

On the economy front, a measure of small-business optimism rose slightly in August. The National Federation of Independent Business stated that its small-business optimism index rose 0.5 points to 95.9. Of the 10 components, five posted gains, three fell and two remained unchanged. Consumer credit in the US rose more than projected in July, boosted by bigger credit-card balances and loans for automobiles. The $19.1 billion increase followed a $27 billion gain in the prior month that was larger than previously estimated. Americans are becoming more willing to borrow for large-ticket purchases such as cars as the job market strengthens, home values rise and household finances improve. Revolving debt, which includes credit cards, rose by $4.3 billion following a $7.5 billion increase. Non-revolving debt, such as that for college tuition and the purchase of vehicles and mobile homes, climbed $14.8 billion after a $19.5 billion surge.

The Dow Jones Industrial Average added 390.30 points or 2.42 percent to 16,492.68, the Nasdaq was up by 128.01 points or 2.73 percent to 4,811.93 while, the S&P 500 gained by 48.19 points or 2.51 percent to 1,969.41.

The Indian ADRs ended in green on Tuesday, Tata Motors was up 0.68%, HDFC Bank was up by 0.62%, Infosys was up 0.52%, Dr. Reddy’s Lab was up 0.35% and Wipro was up by 0.22%.

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