The US markets closed higher on Monday, snapping a three-session losing streak. Investors appeared to have moved past the tragic events in Paris, partly due to expectations that the attacks won’t have a direct economic impact. Federal Reserve Bank of New York, William Dudley stated that conditions for FOMC to begin to normalize monetary policy could soon be satisfied. On the economy front, business activity in the New York region declined for the fourth straight month in November, and showed few signs of improvement. The Empire State manufacturing index for November inched up to negative 10.7 from negative 11.4 in October. This is the first time since early 2009 that the Empire State index has been below negative 10 for four straight months. New orders and shipments had smaller contractions in November while labor conditions worsened, with declines in both employment levels and hours worked. Indexes for the six-month outlook showed tepid optimism about the future.
The Dow Jones Industrial Average added 237.77 points or 1.38 percent to 17,483.01, Nasdaq was up 56.74 points or 1.15 percent 4,984.62, while the S&P 500 gained 30.15 points or 1.49 percent to 2,053.19.
Indian ADRs ended mostly in green, HDFC Bank was up 1.04%, Tata Motors was up 0.50% and ICICI Bank was up 0.25%. On the other hand, Dr. Reddy’s Lab was down by 1.23% and Infosys was down 0.11%.