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  3. US markets closed mostly lower ahead of Fed meeting

US markets closed mostly lower ahead of Fed meeting

27 Oct 2015 Evaluate

The US markets closed mostly lower on Monday, as renewed weakness in energy shares weighed on Wall Street. The main indexes traded in a narrow band throughout the session as investors took a cautious stance ahead of the start of a Federal Reserve policy meeting that could provide clues about when the central bank will end its ultra loose monetary policy. Investors also braced for a barrage of earnings data. About 170 companies on the S&P 500 are expected to release quarterly results this week. On the economy front, the pace of new-home sales in the US sank 11.5% in September to the lowest level in 10 months, owing to an unusually large drop off in the Northeast. Higher home prices may have also curbed sales. Sales of newly built homes fell to an annual rate of 468,000. That’s the lowest level since last November. What’s more, sales for August were revised down from an original 552,000 pace that would have marked a post-recession high. Instead the government said sales rose at a 529,000 annual clip in August.

Meanwhile, talks have intensified between the White House and House Speaker John Boehner on a two-year budget agreement that would also increase the federal debt limit. The deal raises the prospect that Boehner could resolve two of the thorniest fiscal hurdles before he resigns later this week. A deal would remove the risk that the government might default next month or face a partial government shutdown in December. It would suspend the debt limit into early 2017 and establish new spending levels through September 2017.

The Dow Jones Industrial Average lost 23.65 points or 0.13 percent to 17,623.05, the S&P 500 was down 3.97 points or 0.19 percent to 2,071.18 while, Nasdaq was up 2.84 points or 0.06 percent 5,034.70.

Indian ADRs ended mostly in red, Dr. Reddy’s Lab was down 0.33%, Tata Motors was down 0.22% and Infosys was down 0.12%. On the other hand, HDFC Bank was up by 0.78% and Wipro was up by 0.11%.


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