US markets closed lower; S&P drops for fourth straight session

10 Nov 2015 Evaluate

The US markets closed lower on Monday, with their sharpest decline in six weeks, marking a fourth consecutive session of losses for the S&P 500. The sharp drop follows six straight weeks of gains, which represents the longest positive streak in about a year. US sovereign bonds declined, following European and Asian bonds lower as global markets prepare for a hike in interest rates by the US Federal Reserve next month. The Treasury Department auctioned $24 billion in three-year notes at a high yield of 1.271 percent, which was the highest since April 2011. The bid-to-cover ratio, an indicator of demand, was 2.82, the weakest since October 2009.

Meanwhile, the Paris-based Organisation for Economic Co-operation and Development stated that global trade flows have fallen dangerously close to levels usually associated with a global recession, although actions taken by China and others should ensure a pick-up in 2016. It also cut its 2015 growth forecast to 2.9 percent in its bi-annual economic outlook from the 3.0 percent it forecast in September. It has repeatedly cut its 2015 growth outlook from the 3.7 percent it initially forecast last November. The OECD added that the US Federal Reserve should nevertheless go ahead with its first rate hike since the financial crisis as a recovery gains steam in the United States and Europe, despite a slowdown mostly centered on emerging markets and China. The report showed that growth in the United States should reach 2.4 percent this year and 2.5 percent next year, cutting its 2016 outlook from a previous 2.6 percent. It sees 2.4 percent growth in 2017.

The Dow Jones Industrial Average lost 179.85 points or 1.00 percent to 17,730.48, Nasdaq was down 51.82 points or 1.01 percent 5,095.30, while the S&P 500 dropped 20.62 points or 0.98 percent to 2,078.58.

Indian ADRs ended mostly in red, Dr. Reddy’s Lab was down by 0.70%, Wipro was down 0.42%, HDFC Bank was down 0.35% and Infosys was down 0.24%. On the other hand, Tata Motors was up 0.45%.

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