US markets closed lower as crude declines

11 Mar 2016 Evaluate

The US markets closed mostly lower on Thursday, as investors digested new easing measures from the European Central Bank and as crude futures declined. On the economy front, the federal government ran a budget deficit of $193 billion in February, just slightly higher than the $192 billion recorded in the same month a year ago. Total spending for the month was $362 billion, or 9% more than a year ago. Spending rose for interest payments on the public debt, Medicare and Medicaid benefits and veterans’ programs, among other budget areas. Receipts totaled $169 billion, up 21% from last February. Individual income and payroll taxes rose by 12%. In a separate report, the Congressional Budget Office stated that those tax receipts were boosted in part by the extra business day in February. For the fiscal year to date, the budget deficit is down 9%. The government’s fiscal year runs from October through September.

On the other hand, the number of Americans who applied for unemployment benefits fell by 18,000 in the first week of March, stretching from February 28 to March 5, setting a five-month low of 259,000 and reflecting a low rate of layoffs in a steadily growing economy. Initial claims fell below the 300,000 threshold that signals a healthy labor market more than a year ago. They have remained under that mark since. New claims touched a 42-year low of 256,000 in October. Meanwhile, the average of new claims over the past four weeks fell by 2,500 to 267,500. Some 2.26 million people collected weekly unemployment benefits, known as continuing claims, in the seven days ended February 27. That was down 32,000 from the prior week.

The Dow Jones Industrial Average lost 5.23 points or 0.03 percent to 16,995.13, the Nasdaq was down 12.22 points or 0.26 percent to 4,662.16 while, the S&P 500 gained 0.31 points or 0.02 percent to 1,989.57.

The Indian ADRs closed in red; Dr. Reddy’s Lab was down 0.27%, ICICI Bank was down 0.15%, Wipro was down 0.10%, HDFC Bank was down 0.09% and Infosys was down 0.07%.

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