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  3. US markets end mostly in red on Friday

US markets end mostly in red on Friday

27 Feb 2016 Evaluate

The US markets ended the choppy day of trade mostly in red on Friday as traders reacted negatively to the release of a batch of largely upbeat U.S. economic data, which led to renewed worries about the outlook for interest rates. Shortly after the start of trading, the Commerce Department released a report showing that personal income and spending both increased by 0.5 percent in January, exceeding estimates. Paul Ashworth, Chief U.S. Economist at Capital Economics, said the increase in spending indicates there is no danger of the economy falling into an imminent recession. However, the report also said a key reading on core consumer prices rose by 0.3 percent in January, pushing the annual rate of growth up to 1.7 percent from 1.5 percent. A separate report from the Commerce Department showed that economic growth slowed by less previously estimated in the fourth quarter of 2015. The report said real gross domestic product increased by 1.0 percent in the fourth quarter, reflecting an upward revision from the initially reported 0.7 percent growth. The University of Michigan also released a report showing a smaller than initially estimated drop in consumer sentiment in February.

The Dow Jones Industrial Average declined 57.32 points or 0.34 percent to 16,639.97 and the S&P 500 gained 3.63 points or 0.19 percent to 1,948.05.  However, Nasdaq was up 8.27 points or 0.18 percent to 4,590.47. 

The Indian ADRs closed mostly in green; HDFC Bank Tata Motors was up 0.80%, ICICI Bank was up 0.13%, Tata Motors was up 0.06% and Infosys was up by 0.02%. On the other hand, Dr Reddy’s Lab was down 0.34% and Wipro was down 0.04%.

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