US markets closed higher after Fed minutes

09 Oct 2015 Evaluate

The US markets closed higher on Thursday, with the Dow Jones Industrial Average advancing for a fifth consecutive session, its longest winning streak this year. The gains in the broader stock market came after minutes from the Federal Reserve’s latest policy meeting, released offered few surprises, showing that Fed officials were largely hesitant to hike rates for the first time in nearly a decade due to worries about global risk. The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on September 16-17, 2015. The minutes showed that many officials acknowledged that recent global economic and financial developments may have increased the downside risks to economic activity somewhat. In light of this, officials decided it would be prudent to wait for more data to confirm the economy was growing at a moderate rate and labor market conditions had improved further. At the September meeting, some Fed voting members stated that their confidence that inflation would return to 2% had not increased since the July meeting in large part because recent global economic and financial developments had imparted some restraint to the economic outlook and placed further downward pressure on inflation in the near term. Most thought that their goal of healthy labor market had been met or would be met by the end of the year. In the end, the Fed voted 9 to 1 to hold rates steady in September. Richmond Fed President Jeffrey Lacker was the sole dissent in favor of a rate hike. The minutes show both hawks and doves were putting pressure on the moderate center of the Fed policy committee at the meeting.

On the economy front, companies in the US hired fewer people in August and September, but they aren’t firing more workers at the same time. Initial jobless claims in the period running from September 26 to October 3 fell by 13,000 to a seasonally adjusted 263,000, marking the lowest level since mid-July. New claims are filed when a person loses a job and applies for unemployment benefits. Weekly claims settled below the key 300,000 benchmark more than six months ago and they are hovering near the lowest level since the early 1970s. The average of initial claims over the past month fell by 3,000 to 267,500. The four-week average smooths out fluctuations in the volatile weekly report and is seen as a more accurate predictor of labor-market trends. The US economy added 142,000 new jobs in September and 136,000 in August. That reflects a sharp deceleration from 243,000 monthly average from May through July.

The Dow Jones Industrial Average rose by 138.46 points or 0.82 percent to 17,050.75, Nasdaq added 19.64 points or 0.41 percent 4,810.79, while the S&P 500 gained by 17.60 points or 0.88 percent to 2,013.43.

Indian ADRs ended mostly in green, Dr. Reddy’s Lab was up by 0.42%, Tata Motors was up by 0.19% and Infosys was up 0.15%. On the other hand, HDFC Bank was down by 0.27% and ICICI Bank was down 0.03%.

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