US markets closed modestly higher on Thursday

11 Sep 2015 Evaluate

The US markets closed higher on Thursday, as a jump in oil prices helped lift the overall market sentiment, but uncertainty ahead of the Federal Reserve’s two-day policy meeting next week kept a lid on gains. Thursday’s economic data did little to help investors interpret when the Fed might decide to start increasing interest rates. The number of people who applied for US unemployment benefits in the first week of September fell by 6,000 to 275,000, showing that layoffs remain near the lowest level in decades. The average of new claims over the past month, meanwhile, rose by 500 to 275,750. The four-week average smooth’s out sharp fluctuations in the more volatile weekly report and is seen as a more accurate gauge of labor-market trends. Some 2.26 million people were already collecting weekly unemployment benefits, known as continuing claims, in the seven days ended August 29. That was up 1,000 from the prior week. Continuing claims are reported with a two-week lag.

Meanwhile, the prices the US paid for imported goods fell by 1.8% in August, marking the biggest decline since the start of the year. Oil prices fell sharply again and strong dollar has also made foreign products cheaper for Americans to buy. Excluding fuel, US import prices declined by a 0.4% last month. Meanwhile, the price of US-made goods exported to other nations dropped 1.4%. From August 2014 to August 2015, import prices tumbled 11.4%, the biggest year-over-year drop since the last year of the Great Recession in 2009. US wholesale inventories decreased by 0.1% in July, while wholesale sales dropped 0.3%. Inventories of durable goods advanced 0.1% but inventories of nondurable goods such as groceries and clothing fell 0.5%. At July’s sales pace, the inventory-to-sales ratio was unchanged at 1.30 months. The increase in inventories in June, meanwhile, was revised down to show a 0.7% gain instead of 0.9%.

The Dow Jones Industrial Average added 76.83 points or 0.47 percent to 16,330.40, the Nasdaq was up by 39.72 points or 0.84 percent to 4,796.25 while, the S&P 500 gained by 10.25 points or 0.53 percent to 1,952.29.

The Indian ADRs ended mostly in green on Thursday, Tata Motors was up 0.67%, Infosys was up 0.33%, Dr. Reddy’s Lab was up 0.30% and HDFC Bank was up 0.29%. On the other hand, ICICI Bank was down by 0.04%.

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