US markets closed higher; S&P rose for fifth straight session

06 Oct 2015 Evaluate

The US markets closed higher on Monday, with S&P 500 gaining for fifth session in a row, as a string of economic data appeared to push back the timing of a Federal Reserve rate hike to 2016. The rally comes on the heels of one of the biggest reversals for stocks in four years, when the market swooning from a weak jobs report turned sharply positive toward the end of Friday’s close of trading. The weaker-than-projected jobs report fueled speculation that the Federal Reserve may be more circumspect about tightening monetary policy. Stocks had trimmed some of their gains earlier in the session after the Institute for Supply Management’s nonmanufacturing index, a measure of the services side of the economy, came in lower than expected at its lowest readings since June. A measure of the services side of the economy slowed in September to a below-forecast reading that was the lowest in three months. The Institute for Supply Management stated that its services index fell to 56.9% from 59% in August. The report suggests that it’s not just issues like the energy price collapse, the dollar’s strength and China’s weakness which are impacting the domestic economy.

Meanwhile, Eric Rosengren, the president of the Boston Fed, isn’t convinced the US economy has hit a soft patch. Far from it, consumer spending, notably auto sales, and housing suggest the economy is growing above trend. Rosengren stated that the September jobs report may overstate the weakness in the domestic economy. Consumers might not be worried about the slowdown in the global economy. If that’s the case, then the labor market could tighten further, albeit gradually. Rosengren added that he would be fine for the US central bank because anything more rapid then the Fed might have to hike rates much more quickly.

The Dow Jones Industrial Average rose by 304.06 points or 1.85 percent to 16,776.43, Nasdaq added 73.48 points or 1.56 percent 4,781.26 while the S&P 500 gained 35.69 points or 1.83 percent to 1,987.05.

Indian ADRs ended in green, HDFC Bank was up by 1.86%, Dr Reddy’s Lab was up by 1.30%, Tata Motors was up by 1.30%, Infosys was up 0.55% and ICICI Bank was up 0.32%.

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