US markets closed lower as investor confidence wanes

25 Sep 2015 Evaluate

The US markets closed lower on Thursday, logging third straight day of declines, as investor confidence dwindled ahead of a speech by Federal Reserve Chairwoman Janet Yellen. Federal Reserve Chairwoman Janet Yellen stuck to her guns saying that an initial rate hike is likely to be appropriate this year. Yellen stated that she expects inflation will return to 2% over the next few years as temporary factors currently holding it down will wane. Signs of weak growth overseas won’t prove large enough to have a significant impact on policy. Yellen delved into reasons she is confident that inflation won’t stay so low. A pivotal role is that the public expectations of inflation have held steady around 2% through recession and recovery. Yellen added that the two important sources for persistently low inflation this year were falling consumer energy prices and a decline in import prices due to the stronger dollar. The Fed Chairwoman was upbeat about the economic outlook. Yellen enlightened that based on most recent forecasts, the Fed anticipates that this pattern will continue and labor market conditions will improve further as we head into 2016.

On the economy front, new applications for US unemployment benefits inched up by 3,000 to 267,000 in the seven days ended September 19. The latest report on initial claims fits with a healthy labor market. The average of new claims over the past month, meanwhile, edged down by 750 to a seasonally adjusted 271,750, the lowest level in a month. The four-week average smooths out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends. Continuing jobless claims declined by 1,000 to 2.24 million in the week ended September 12. These claims reflect people already receiving unemployment checks.

Separately, new US homes sold at an annual rate of 552,000 in August, marking the highest level since early 2008. Sales for July were revised up to a 522,000 rate from 507,000. New home sales were 21.6% higher compared to August 2014.

The Dow Jones Industrial Average lost 78.57 points or 0.48 percent to 16,201.32, the Nasdaq was down by 18.26 points or 0.38 percent to 4,734.48 while the S&P 500 dropped 6.52 points or 0.34 percent to 1,932.24.

The Indian ADRs ended mostly in green on Thursday, HDFC Bank was up 0.69%, Dr. Reddy’s Lab was up by 0.21% and ICICI Bank was up 0.04%. On the other hand, Tata Motors was down 0.28% and Wipro was down by 0.07%.

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