US markets closed choppy session with modest gains

20 Oct 2015 Evaluate

The US markets closed range-bound session marginally higher on Monday, as steep losses for energy stocks, following a drop in oil prices, kept a lid on the main indexes. On the economy front, the National Association of Home Builders/Wells Fargo housing market index, a monthly survey that measures market conditions for new home sales, rose 3 points to 64 in October, its highest level since the same month of 2005. The index measuring sales expectations for the next six months rose seven points to 75, and the component gauging current sales conditions increased three points to 70. The index on buyer traffic held steady at 47. The housing-market indicator, while running stronger than the hard data on housing starts, is a further sign of a two-track economy.

Meanwhile, San Francisco Fed President John Williams stated that he supports a rate hike in the near future. Williams added that rates have been close to zero since December 2008. The San Francisco Fed president isn’t worried about the slowdown evident in recent economic data, noting he still expects growth around 2.0-2.25% and the unemployment rate to dip below 5.0%. He added that a decision on a rate hike would be a close call. Williams is a voting member of the Fed policy committee and seen as a key ally of Fed Chairwoman Janet Yellen.

Separately, William Dudley, the president of the New York Fed, is casting doubt on an interest-rate hike this year. Dudley added that Fed thought it could raise rates by the end of the year but turbulence on financial markets, modest global growth, energy prices and macro-prudential imbalances are slowing this process down. Dudley enlightened that it would be a big mistake to ignore the fact that the global economy is growing only moderately.

The Dow Jones Industrial Average added 14.57 points or 0.08 percent to 17,230.54, Nasdaq was up 18.78 points or 0.38 percent 4,905.47, while the S&P 500 gained 0.55 points or 0.03 percent to 2,033.66.

Indian ADRs ended mostly in red, ICICI Bank was down 0.16%, Infosys was down 0.12%, Tata Motors was down 0.06% and HDFC Bank was down by 0.04%. On the other hand, Dr. Reddy’s Lab was up 2.34%.

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