US markets plunge; S&P, Dow erases weekly gains

19 Sep 2015 Evaluate

The US markets plunged on Friday, with the S&P 500 and the Dow Jones Industrial Average closing down for the week, as Federal Reserve’s decision to leave interest rates unchanged fueled fears about global economic growth. The central bank cited concerns about the global economy and a lack of inflation growth in its decision to leave interest rates unchanged. While Federal Reserve Chair Janet Yellen heaped praise on the US labor market in her press conference, the housing market got little love. Residential real estate remains very depressed and demand for housing should be there and should materialize as the job market improves and income growth improves. Yellen enlightened that the central bank is on course to raise rates before the end of 2015 but added that the timing of the next rate hike is less important than the overall path toward lifting rates to non-crisis levels.

On the economy front, the Conference Board’s leading economic index edged up 0.1% in August after a flat reading in July. The US LEI suggests economic growth will remain moderate into the New Year, with little reason to expect growth to pick up substantially. Separately, construction on new US homes moderated over the past two months after stronger gains earlier in the summer. Housing starts fell 3.0% to an annual rate of 1.13 million units in August. Starts in July were revised down sharply to a decline of 4.1% to an annual rate of 1.16 million units from the prior estimate of a 0.2% gain to 1.21 million. Despite the declines over the past two months, starts are up 16.6% from August 2014. Meanwhile permits for new construction, a sign of future demand, rebounded 3.5% to an annual rate of 1.17 million units after dropping 15.5% in August.

The Dow Jones Industrial Average lost 290.16 points or 1.74 percent to 16,384.58, the Nasdaq was down by 66.72 points or 1.36 percent to 4,827.23 while the S&P 500 dropped by 32.17 points or 1.62 percent to 1,958.03.

The Indian ADRs ended in red on Friday, Tata Motors was down 0.79%, Dr. Reddy’s Lab was down by 0.71%, HDFC Bank was down 0.53%, Infosys was down 0.33% and ICICI Bank was down by 0.17%.

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