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US markets closed mostly higher ahead of FOMC meet

15 Mar 2016 Evaluate

The US markets closed flat on Monday, with the Dow industrials logging a new closing high for 2016, while the S&P 500 edged lower as losses in the materials and energy sector capped gains for consumer-discretionary shares. The Fed’s two-day policy meeting kicks off Tuesday, with a policy statement slated to be released Wednesday. The central bank is widely expected to keep interest rates on hold, even as recent economic data support the case for a rate increase in the short term. Since the last Fed meeting US inflation has shown signs of stabilizing, with one measure published by the Dallas Fed rising to 1.9 percent, its closest to the Fed’s 2 percent goal in 2-1/2 years. Meanwhile, the US unemployment rate held at 4.9 percent in February, near the level many Fed officials believe represents full employment. A number of other central banks, including the Bank of Japan, Bank of England and Swiss National Bank, are expected to announce policy moves sometime this week.

The Dow Jones Industrial Average added 15.82 points or 0.09 percent to 17,229.13, the Nasdaq was up 1.81 points or 0.04 percent to 4,750.28 while, the S&P 500 lost 2.55 points or 0.13 percent to 2,019.64. 

The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.34%, Tata Motors was up 0.31%, Wipro was up 0.18% and ICICI Bank was up 0.10%. On the other hand, HDFC Bank was down 0.35%.


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