US markets closed higher on encouraging economic data

18 Mar 2016 Evaluate

The US markets closed higher on Thursday, with the Dow Jones Industrial Average rising for the fifth straight session to close in positive territory for 2016, for the first time this year. On the economy front, the number of Americans who applied for unemployment benefits in the second week of March rose by 7,000 to 265,000, but the rate of layoffs taking place in the economy are still exceedingly low. Initial claims have been below the 300,000 threshold for 54 weeks, the longest stretch since 1973. The low level of claims indicates a much healthier US labor market compared to several years ago. The average of new claims over the past four weeks, meanwhile, edged up by 750 to 268,000. Some 2.24 million people collected weekly unemployment benefits, known as continuing claims, in the seven days ended March 5. That was up 8,000 from the prior week. The number of available jobs rose in January but fewer workers were willing to leave their existing positions, an indication of a labor market that’s improving but still not white hot. Job openings rose to a seasonally adjusted 5.54 million from a downwardly revised 5.28 million in December. The quits rate, however, fell to 2% from 2.2%.

Meanwhile, a reading of manufacturing activity in the Philadelphia area unexpectedly turned positive in March, marking the first positive showing in seven months. The Philadelphia Fed manufacturing index rose to 12.4 from a negative 2.8 in February. The Philly Fed readings for new orders and shipments also improved markedly. The new-orders index rose 21 points to 15.7, and the shipments index rose 20 points to 22.1. A measure of US leading economic indicators rose in February for the first time in three months and suggests steady if mild growth in the months ahead. The leading economic index rose 0.1% to 123.2 last month. A separate index of current conditions rose 0.1% in February. A lagging index climbed 0.4%.

The Dow Jones Industrial Average added 155.73 points or 0.90 percent to 17,481.49, the Nasdaq was up 11.02 points or 0.23 percent to 4,774.99 while, the S&P 500 gained 13.37 points or 0.66 percent to 2,040.59.

The Indian ADRs closed mostly in green; Infosys was up by 0.15%, Wipro was up 0.14%, HDFC Bank was up 0.11% and Tata Motors was up 0.09%. On the other hand, Dr. Reddy’s Lab was down 0.23%.

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