US markets closed higher as investors await Fed decision

16 Sep 2015 Evaluate

The US markets closed higher on Tuesday and the main indexes scored their third winning session in the last four. The broad-based stock rally, which accelerated late in the trading day, was led by a rebound in industrials, financials and health-care shares. Some attributed the sharp gains in equities as an indication that markets expect the Federal Reserve to delay interest-rate hikes at its two-day policy meeting which begins on Wednesday. On the economy front, sales at US retailers rose modestly in August as choosy consumers spent more on new cars and trucks and went out to eat more. Americans spent less on gasoline as prices fell again, and they also cut back on home furnishings. Retail sales rose a seasonally adjusted 0.2% last month, the Commerce Department reported. Sales of autos and parts jumped 0.7% in August, the second straight strong gain. A closely watched number known as core retail sales, or the control group, also increased 0.4% in August after a strong 0.6% gain in July. Core sales are used to help determine how fast the economy is growing each quarter as part of the report on gross domestic product that comes out four times a year. Business inventories rose 0.1% in July to a seasonally adjusted $1.81 trillion. Sales also increased 0.1% in July. The ratio of inventories to sales was flat at 1.36 months. In June, inventory growth was revised down to 0.7% from 0.8%.

On the other hand, one month after tumbling sharply, business conditions in the New York region showed no signs of stabilizing in September. The Empire State manufacturing index for September remained very weak, inching up to negative 14.7 from negative 14.9 in August, which was the lowest level since 2009. Orders remained deep in negative territory at negative 12.9 in September while shipments improved slightly to negative 8.0. Both labor market indicators contracted. The six-month outlook worsened to 23.3 in September from 33.6 in August suggesting confidence waned. Industrial production fell a seasonally adjusted 0.4% in August, in line with expectations. Output in July was revised up to a rise of 0.9% from the prior reading of a 0.6% gain. Beneath the headlines, manufacturing output was down 0.5% in August after a 0.9% gain in July. Output of autos and parts fell 6.4% in the month, the biggest drop since April 2011. Excluding autos, manufacturing was flat. Mining output declined 0.6% last month while utility output rose 0.6%. Capacity utilization dipped to 77.6% from 78.0% in July.

The Dow Jones Industrial Average added 228.89 points or 1.40 percent to 16,599.85, the Nasdaq was up by 54.76 points or 1.14 percent to 4,860.52 while, the S&P 500 gained by 25.06 points or 1.28 percent to 1,978.09.

The Indian ADRs ended mixed on Tuesday, Wipro was up by 0.13%, Infosys was up 0.08% and ICICI Bank was up by 0.07%. On the other hand, HDFC Bank was down 0.55% and Tata Motors was down 0.37%.

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