US markets closed higher as oil rebounds

29 Jan 2016 Evaluate

The US markets closed higher on Thursday, boosted by a jump in oil prices along with some good earnings. The crude oil futures leapt more than 7% following reports that Russia and the Organization of the Petroleum Exporting Countries would discuss a potential output cut. On the economy front, initial jobless claims fell last week after touching a seven-month high earlier in January, offering fresh evidence the labor market is still doing pretty well despite a slower US economy. Initial jobless claims declined by a seasonally adjusted 16,000 to 278,000 in the seven days stretching from January 17 to January 23. The four-week average of initial claims also tacked lower, down 2,250 to 283,000. New claims remain at very low levels, reflecting a surge in job creation over the past several years. The number of people applying each week for benefits has tumbled more than 50% after hitting a 27-year high of 665,000 during the tail end of the Great Recession. Demand for long-lasting durable goods sank in December, reflecting a downturn in business investment in 2015 that was especially acute in the waning months of the year. Orders for durable goods fell a seasonally adjusted 5.1% last month, marking the biggest decline in a year and a half. The larger-than-expected decline could result in zero fourth-quarter growth or worse.

On the other hand, pending home sales eked out a small gain in December, signaling moderate home-buying activity ahead. The National Association of Realtors’ monthly index rose to 106.8 from a downwardly-revised 106.7 in November. The index was 4.2% higher compared to December 2014, marking the 16th-straight month of annual gains. The index forecasts future sales by tracking real estate transactions in which a contract has been signed, but the deal has not yet closed.

The Dow Jones Industrial Average added 125.18 points or 0.79 percent to 16,069.64, the Nasdaq was up 38.51 points or 0.86 percent to 4,506.68 while the S&P 500 gained 10.41 points or 0.55 percent to 1,893.36.

The Indian ADRs closed mostly in red; Tata Motors was down 0.75%, ICICI Bank was down by 0.48%, Dr. Reddy’s Lab was down 0.24% and Infosys was down by 0.12%. On the other hand, HDFC Bank was up 0.13%.

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