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  3. US markets end lower on the back of sharp drop in crude

US markets end lower on the back of sharp drop in crude

03 Dec 2015 Evaluate

The US markets witnessed a pull-back on Wednesday after witnessing a rally in the previous session. The major averages not only came off the highs but closed firmly in negative territory, mainly on the back of sharp drop by the price of crude oil. Traders were also concerned about the monetary policy, as Federal Reserve Chair Janet Yellen delivered remarks that seemed to signify the central bank remains on track to raise interest rates later this month. In a speech to the Economic Club of Washington, Yellen stopped short of explicitly saying the Fed will hike rates but acknowledged the conditions for tightening are on the verge of being met. She also downplayed concerns about the global economy that may have kept the Fed from raising rates earlier this year. Yellen, who is also due to testify before a congressional panel on Thursday, will continue to make the case that an interest-rate increase is coming soon.

Meanwhile, market reaction to a pair of economic reports was largely muted, as investors await key employment data on Friday. Private-sector employment gains accelerated in November, with firms adding 217,000 jobs. Payroll processor ADP reported that private sector employment jumped by 217,000 jobs in November after climbing by an upwardly revised 196,000 jobs in October. A separate report from the Labor Department showed that labor productivity increased by more than initially estimated in the third quarter. The productivity of US businesses rose at a 2.2% annual pace in the third quarter, faster than previously reported.

The Dow Jones Industrial Average slid 158.67 points or 0.89 percent to 17,729.68, the Nasdaq fell 33.08 points or 0.64 percent to 5,123.22 and the S&P 500 tumbled 23.12 points or 1.1 percent to 2,079.51.

The Indian ADRs closed mostly in red; HDFC Bank was down by 0.86%, ICICI Bank was down by 0.26%, Tata Motors was down by 0.53% and Wipro was down by 0.15%. On the other hand Dr reddy’s was up by 0.16%.

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