US markets closed mostly higher on Monday

08 Mar 2016 Evaluate

The US markets closed mostly higher on Monday, allowing the S&P 500 and Dow industrials to extend their winning streak to five straight sessions, partly due to a jump in oil prices. But the Nasdaq Composite finished lower, weighed by losses in formerly highflying technology stocks. On the economy front, consumer credit growth decelerated sharply in January as consumers cut back on credit card use. Overall consumer credit increased 3.6% in January, or by a seasonally adjusted annual rate of $10.5 billion. This is the smallest percentage increase since March 2013. It’s also a sharp deceleration from December’s 7.3%, or $21.4 billion, gain. The slowdown brought consumer credit below expectations. Total consumer borrowing, which does not include mortgage debt, now totals $3.5 trillion. Credit card borrowing declined 1.4% in January following gains averaging 7.5% over the past two months. This is the first decline since last February. Non-revolving credit, which includes auto loans and student loans, grew 5.4% in January after a 7.4% gain in December.

Meanwhile, Fed Vice Chairman Stanley Fischer stated that inflation in the United States will trend close to the Federal Reserve’s 2 percent inflation target after oil prices and the value of the dollar stabilize. Fischer added that we may well at present be seeing the first stirrings of an increase in the inflation rate - something that we would like to happen. However, another Fed official, Lael Brainard, expressed uncertainty about whether an improving job market would be enough to bolster inflation, given persistently low oil prices and a strong dollar. Brainard enlightened that inflation has persistently underperformed relative to the Fed’s target of annual price gains of 2%. The two Fed officials’ views underscore how the Fed is wrestling with a prolonged period of muted price gains and its timetable for rate hikes. Policymakers did not raise rates at its January meeting, and officials are expected to leave rates unchanged when they meet again on March 15-16.

The Dow Jones Industrial Average added 67.18 points or 0.40 percent to 17,073.95, the S&P 500 gained 1.77 points or 0.09 percent to 2,001.76 while, the Nasdaq was down 8.77 points or 0.19 percent to 4,708.25.

The Indian ADRs closed mixed; Tata Motors was up 0.43%, ICICI Bank was up by 0.07% and Wipro was up 0.03%. On the other hand, Dr. Reddy’s Lab was down 0.543% and HDFC Bank was down 0.37%.

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