US markets closed higher; posts third straight weekly rise

17 Oct 2015 Evaluate

The US markets closed higher on Friday, posting a third consecutive week of gains as investors appeared to shrug off lackluster corporate earnings and mixed economic data. On the economy front, industrial production in September fell for the second straight month, reinforcing the notion that the strong dollar, weak growth overseas, and low crude oil prices are all serving as headwinds for the US factory sector. The industrial production fell 0.2% in September. Augusts’ decline was revised to a 0.1% fall from an initially reported 0.4% drop. Compared to a year ago, production was up 0.4%. As a result, capacity utilization fell to 77.5% in September from an upwardly revised 77.8% in August. Consumer sentiment rose in October after three straight monthly declines. Sentiment rose to a preliminary October reading of 92.1 from a final September level of 87.2, according to reports on the University of Michigan gauge released.

Separately, job openings dropped in August after reaching a record in the previous month. Job openings fell to 5.37 million from 5.67 million in July. Job openings declined in state and local government (-33,000) and nondurable goods manufacturing (-25,000). The professional and business services and health care and social assistance over the last 12 months have seen the largest gains, as 445,000 new positions have come open. The hiring rate stayed at 3.6%, and the quits rate stayed at 1.9%.

Meanwhile, Cleveland Fed President Loretta Mester stated that the US economy can handle an increase in interest rates despite the risks around the outlook. It is appropriate for monetary policy to take a step back from the emergency measure of zero interest rates. Given the outlook, Mester added that interest rates should move up gradually. Fed officials are divided over whether to hike interest rates this year. Mester will be a voting member of the Fed policy committee in 2016.

The Dow Jones Industrial Average added 74.22 points or 0.43 percent to 17,215.97, Nasdaq was up 16.59 points or 0.34 percent 4,886.69, while the S&P 500 gained 9.25 points or 0.46 percent to 2,033.11.

Indian ADRs ended mostly in green, Dr. Reddy’s Lab was up 0.86%, HDFC Bank was up by 0.75%, Infosys was up 0.59% and ICICI Bank was up 0.14%. On the other hand, Tata Motors was down 0.19%.

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