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  3. US markets snap five day losing streak

US markets snap five day losing streak

13 Feb 2016 Evaluate

Snapping five days of losing streak, the US markets closed higher on Friday as investors opted to buy beaten down but fundamentally strong stocks after past several sessions’ of drubbing. The markets also got some support from a sharp increase by the price of crude oil, with crude for March delivery soaring $3.23 to $29.44 a barrel on optimism about possible production cuts. Amid ongoing oversupply concerns, the price of crude oil tumbled $1.24 in the previous session to a nearly thirteen-year closing low of $26.21 a barrel. Some support also came with report from the Commerce Department showing that U.S. retail sales rose slightly more than expected in January. The retail sales climbed by 0.2 percent in January compared to economist estimates for a 0.1 percent uptick. The report also showed that retail sales in December rose by an upwardly revised 0.2 percent compared to the 0.1 percent drop initially reported. Core retail sales, which exclude autos, gasoline, and building materials, increased by 0.6 percent in January following a 0.3 percent decrease in December. Meanwhile, a separate report from the University of Michigan showed an unexpected deterioration in consumer sentiment in the month of February. The report said the preliminary reading on the consumer sentiment index for February came in at 90.7 compared to the final January reading of 92.0. The index had been expected to inch up to 92.5.

The Dow Jones Industrial Average surged 313.66 points or 2.00 percent to 15,973.84, the Nasdaq gained 70.68 points or 1.66 percent to 4,337.51 while the S&P 500 was up by 35.70 points or 1.95 percent to 1,864.78.  

The Indian ADRs closed mixed; Dr. Reddy’s Lab was down 0.42%, Infosys was down 0.11% and ICICI Bank was down by 0.08%. On the other hand, HDFC Bank was up 1.28%, Tata Motors was up 0.98% and Wipro was up by 0.08%.

 

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