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  3. US markets closed higher as oil soars

US markets closed higher as oil soars

23 Feb 2016 Evaluate

The US markets closed higher on Monday, with the Dow Jones Industrial Average jumping more than 200 points, carried by a 6% jump by oil futures. The Chicago Fed released the national activity index (a composite index of other indicators) showed economic growth picked up in January and the index reading rose to 0.28. Also, the December 2015 reading was revised to -0.34 from -0.22. January’s move was led by improvements in production-related indicators. Two of the four broad categories of indicators that make up the index increased from December, and two of the four categories made positive contributions to the index in January. The index’s three-month moving average remained in contraction. Still, it increased to -0.15 in January from -0.30 in December.

On the other hand, a reading of manufacturing sentiment unexpectedly lost momentum in February. The flash manufacturing Purchasing Managers Index from Markit fell to 51.0 from 52.4 in January. This matches the lowest level since September 2009. While a reading above 50 represents expansion, softer rates of output, new business and employment growth all weighed on the index. Every indicator from the flash PMI survey, from output, order books and exports to employment, inventories and prices, is flashing a warning light about the health of the manufacturing economy. The decline brings the PMI closer in line with other regional surveys and the assessment from the Institute for Supply Management.

The Dow Jones Industrial Average gained 228.67 points or 1.40 percent to 16,620.66, the Nasdaq was up 66.18 points or 1.47 percent to 4,570.61 while, the S&P 500 added 27.72 points or 1.45 percent to 1,945.50.   

The Indian ADRs closed mostly in green; Tata Motors was up 0.78%, Dr. Reddy’s Lab was up 0.75%, HDFC Bank was up 0.61% and Infosys was up 0.50%. On the other hand, Wipro was down by 0.07%.


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