US markets closed higher; Dow turns positive for 2015

03 Nov 2015 Evaluate

The US markets closed higher on Monday, that helped push the Dow industrials into positive territory as investors brushed off a weak manufacturing data and instead focused on a spate of deals and earnings. On the economy front, the Markit’s gauge of manufacturing activity released in the US showed the activity improved to six-month high on the back of a faster rise in output, new orders and employment levels. The final seasonally adjusted Markit US Manufacturing Purchasing Managers’ Index (PMI) printed at 54.1 in October; up from 53.1 in September. New export sales continued to rise at only a modest pace in October, with the latest rise in the work from abroad being the fastest since September 2014. Employment growth rebounded from the 27-month low recorded during September. Input costs continued to drop on lower commodity prices, while manufacturers indicated that their factory gate charges rose only fractionally. Construction spending climbed a seasonally adjusted 0.6% in September to take year-on-year gains to 14.1%. Residential construction jumped 1.8% during the month, while nonresidential spending slipped 0.1%.

Separately, US manufacturers grew in October at the slowest rate in more than two years. The Institute for Supply Management stated that its manufacturing index fell slightly to 50.1% last month from 50.2%. That’s the lowest level since May 2013. Readings over 50% indicate more companies are expanding instead of shrinking. The employment gauge dropped 2.9 points to 47.6%, marking the lowest level since the US exited the Great Recession in mid-2009. Yet the ISM’s new-orders index rose 2.8 points to 52.9%, a three-month high.

The Dow Jones Industrial Average added 165.22 points or 0.94 percent to 17,828.76, Nasdaq was up 73.40 points or 1.45 percent 5,127.15, while the S&P 500 gained 24.69 points or 1.19 percent to 2,104.05.

Indian ADRs ended in green, Dr. Reddy’s Lab was up by 1.26%, HDFC Bank was up by 0.14%, ICICI Bank was up 0.12%, Infosys was up 0.10% and Tata Motors was up 0.01%.

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