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US markets declined on fall in consumer confidence

17 Mar 2012 Evaluate

The US markets closed mostly lower on Friday, limiting weekly gains and halting the Dow’s longest up ride in more than a year, after an index of consumer confidence unexpectedly fell in March.  Consumer sentiment in March declined for the first time since August, as rising gasoline prices contributed to a downturn in expectations. The University of Michigan/Thomson Reuters sentiment index declined from 75.3 in January and declined after gasoline prices continue to advance in the year near 20%. The current conditions index, that shows the estimates of the present financial situation, increased to 84.2 from 83 in February. Ahead of the opening bell, the Labor Department reported that Consumer prices increased at the fastest pace in ten months after the cost of fuel jumped and accounted for the most of the gain. The broadest measure of inflation, the Consumer Price Index increased 0.4% in February and retail gasoline prices increased 6% and food prices were flat. The CPI increased 0.2% in January. Excluding food and energy costs, prices rose 0.1%. Other economic reports had the Federal Reserve reporting the output of US factories, mines and utilities held flat in February, while January production was revised to a 0.4% increase from an initial estimate of unchanged. Mining output showed a notable decrease during the month, tumbling by 1.2 percent in February following a 1.6 percent drop in the previous month.

The Dow Jones Industrial Average closed lower by 20.14 points, or 0.15 percent, at 13,232.60. The S&P 500 gain 1.57 points, or 0.11 percent, at 1,404.17, while the Nasdaq was down by 1.11 points, or 0.04 percent, at 3,055.26.

Indian ADRs closed in red on Friday, HDFC Bank was down 0.45%, Tata Communications was down 0.44%, ICICI Bank was down 0.30%, Infosys Technologies was down 0.29% and Dr. Reddy’s Lab was down 0.27%.

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