The US markets closed modestly higher after a choppy trade on Monday, with the Dow logging its longest winning streak in months, while the S&P 500 reached its best close since late 2015. While, the traders remained concerned about the near-term outlook for the markets on the heels of the recent strength, the upcoming Easter holiday also contributed the lackluster performance. On economy front, the National Association of Realtors (NAR) released a report showing a much steeper than expected pulling back in existing home sales in February. NAR said existing home sales tumbled 7.1 percent to an annual rate of 5.08 million in February from 5.47 million in January. Economists had expected sales to show a more modest decrease to a rate of 5.31 million. The disappointing housing data highlighted ongoing rockiness in a housing market struggling to find its footing. Meanwhile, Atlanta Fed President Denis Lockhart became the second top US central banker Monday to float the possibility of an interest-rate hike as early as April.
The Dow Jones Industrial Average edged up 21.57 points or 0.12 percent to 17,623.87, the Nasdaq gained13.23 points or 0.28 percent to 4,808.87 and the S&P 500 ended up by 2.02 points or 0.10 percent to 2,051.60.
The Indian ADRs made mostly a positive close on Monday, HDFC Bank was up by 0.96%, ICICI Bank was up by 0.05%, Dr Reddy’s 0.38%, Tata Motors was up by 0.46% and Infy was up by 0.16%.