US markets close mostly higher on Tuesday

06 Jan 2016 Evaluate

The US markets closed mostly higher on Tuesday, as Wall Street fought off a fall in oil prices but continued to deal with the aftershocks of Monday’s China-inspired rout. All three indexes opened slightly higher but turned negative in morning trade. Investors are still trying to make sense of what growing tensions between Iran and Saudi Arabia would mean for oil prices. Investors fear that political tensions could drive both countries to ramp up supply at a time when an economic slowdown in China would mean lower demand from one of the world’s largest oil importers. On the economy front, US new-car sales accelerated through December as auto makers remained poised to report their highest annual sales ever, shattering the record set in 2000. Car sales are on track for their best-selling month of the year and their best December ever. Non-US auto makers contributed to robust sales for the month, rolling out double-digit percentage increases.

Meanwhile, Federal Reserve Bank of San Francisco President John Williams stated that he sees a steady campaign of interest rate rises coming from the US central bank this year, assuming steady growth, more job gains and a rise in inflation. Williams added that the most likely outlook for the nation means the Fed should still have a foot on the gas in 2016 with low interest rates. But it should also be progressively taking it back with a gradual course of rate rises. William added that the situation over the last few days hasn’t really changed his view of what’s going on with a US economy that is seeing strong levels of domestic demand. He expects growth of 2% to 2.25% this year, and what is currently a 5% jobless rate is likely to fall to 4.5% by year’s end. He enlightened that the biggest uncertainty facing the Fed policy outlook is inflation, but added that he foresees underlying price pressures continuing to rise at a 1.5% pace over the year, with overall inflation gaining ground as the effects of a sharp drop in energy prices wanes.

The Dow Jones Industrial Average added 9.72 points or 0.06 percent to 17,158.66, the S&P 500 gained 4.05 points or 0.20 percent to 2,016.71 while, the Nasdaq was down 11.66 points or 0.24 percent to 4,891.43.

The Indian ADRs closed mixed; HDFC Bank was up 0.64%, Dr. Reddy’s Lab was up 0.47% and Wipro was up by 0.06%. On the other hand, Tata Motors was down by 0.66% and ICICI Bank was down by 0.06%.

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