US markets closed higher on Monday

22 Sep 2015 Evaluate

The US markets closed higher on Monday, though off their highs of the session after a sell-off in healthcare stocks capped gains by the main indexes. Hawkish comments from Federal Reserve President Dennis Lockhart’s on the likelihood of a rate increase this year seemed to give stocks a modest bump - unusual since investors have long feared the end of ultra-loose monetary policy. Lockhart stated that he still believes the US central bank will be able to raise short-term interest rates this year, but he would like a little bit more time to make sure unsettled international and market conditions won’t derail an otherwise healthy economy. The official added that he saw few significant risks for waiting a bit longer to raise rates, and that he doubts a quarter-percentage-point increase in rates would snuff out the economy. Lockhart enlightened that he was fundamentally upbeat about the US economy’s outlook, but the market volatility can be the harbinger and a cause of trouble in the real economy.

Separately, St. Louis Federal Reserve Bank President James Bullard stated that there is still a chance the central bank could raise interest rates at its October meeting. He reiterated comments he made over the weekend that he wasn’t of the view the Fed should have held off on hikes. Bullard isn’t a voting member of the Fed’s policy-making committee this year. John Williams, president of the San Francisco Fed and an official who is seen as a member of Yellen’s inner circle, stated that it would be an appropriate step for the Fed to begin hiking rates this year.

On the economy front, sales of previously owned homes in the US fell 4.8% in August to an annual pace of 5.31 million, marking the first decline in four months. The sales rate in July was revised down slightly to a seasonally adjusted 5.58 million, but that was still the highest level in eight years. The median price of homes sold was up 4.7% to $228,700 from 12 months ago. Inventories of existing homes on the market rose 1.3% to 2.29 million, representing 5.2 months’ supply at current sales trends. Sales fell in all major regions except the Northeast, where they were unchanged.

The Dow Jones Industrial Average added 125.61 points or 0.77 percent to 16,510.19, the Nasdaq was up by 1.73 points or 0.04 percent to 4,828.96 while the S&P 500 gained 8.94 points or 0.46 percent to 1,966.97.

The Indian ADRs ended mostly in green on Monday, HDFC Bank was up 0.88%, Infosys was up 0.44%, Wipro was up 0.18% and Tata Motors was up 0.06%. On the other hand, Dr. Reddy’s Lab was down by 0.37%.

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