US markets closed lower; snap 3-day winning streak

19 Feb 2016 Evaluate

The US markets closed lower on Thursday, snapping a three-day winning streak. The stocks have climbed sharply this week as rising oil prices helped re-inflate battered energy and industrial shares. On the economy front, an early indication of manufacturing conditions in February indicated contraction for the sixth straight month. The Philadelphia Fed stated that its manufacturing barometer of regional manufacturing activity rose slightly to negative 2.8 from negative 3.5. The index for new orders sank to negative 5.0 from negative 1.9, the lowest level since November 2013. Shipments remained positive but slid to 2.5 from 9.6 in the prior month. Inventories slipped to negative 17.1 in February, the lowest reading in almost three years, from negative 15.7 in the prior month. The index of US leading economic indicators decreased in January for a second month, reflecting a slump in stock prices as well as a pickup in jobless claims that has since reversed. The Conference Board’s measure of the economic outlook for the next three to six months fell 0.2 percent in January after sliding a revised 0.3 percent the month before.

On the other hand, turmoil in stock markets and fresh worries about the economy aren’t putting a big hurt on the US labor market - new jobless claims fell in mid-February to a three-month low. Initial claims declined by 7,000 to 262,000 in the seven days stretching from February 7 to February 13. That’s the lowest level since the last week of November. Claims, a proxy for layoffs, are running at a 42-year low. Even though hiring slowed in January, companies are retaining the vast majority of their workers in anticipation of steady sales, at least for now. The average of new claims over the past month declined by 8,000 and stood at 273,250. Some 2.27 million people collected weekly unemployment benefits, known as continuing claims, in the seven days ended February 6. That was up 30,000 from the prior week.

The Dow Jones Industrial Average lost 40.40 points or 0.25 percent to 16,413.43, the Nasdaq was down 46.53 points or 1.03 percent to 4,487.54 while, the S&P 500 dropped by 8.99 points or 0.47 percent to 1,917.83.

The Indian ADRs closed mixed; HDFC Bank was down 0.44%, Dr. Reddy’s Lab was down 0.09% and Infosys was down 0.07%. On the other hand, Wipro was up 0.23% and Tata Motors was up 0.13%.

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