US markets closed mostly lower on Thursday

01 Apr 2016 Evaluate

The US market finished one of their best-performing months since last October, despite the main benchmarks closing mostly lower on Thursday. Market reaction to a pair of mixed economic reports was muted as investors were cautious on the last day of the quarter and waited for key labor market data due Friday. On the economy front, the number of Americans who applied for unemployment benefits in late March rose by 11,000 to 276,000 and hit the highest level in two months, but the pace of layoffs in the US remains exceedingly low as companies steadily add new jobs. Initial claims have been below the 300,000 threshold for 56 weeks, a feat last accomplished in 1973 when the size of the labor force was much smaller. The low level of claims reflects an upsurge in hiring over the past several years. The US has been adding an average of more than 200,000 jobs a month. The average of new claims over the past four weeks, meanwhile, rose by 3,500 to 263,250. Some 2.17 million people collected weekly unemployment benefits, known as continuing claims, in the seven days ended March 19. That was down 7,000 from the prior week.

On the other hand, a measure of Chicago-area economic activity rebounded in March, in yet another sign that the manufacturing sector is starting to recover from difficulties that have plagued it, including a strong dollar and weak oil prices. The Chicago business barometer, or Chicago PMI, rose 6 points to 53.6 in March. Four of the five components in the survey improved, including the highest reading of the employment series since April.

The Dow Jones Industrial Average lost 31.57 points or 0.18 percent to 17,685.09, S&P 500 was down 4.21 points or 0.20 percent to 2,059.74 while, Nasdaq gained 0.56 points or 0.01 percent to 4,869.85.

The Indian ADRs closed mostly in green; HDFC Bank was up 0.77%, ICICI Bank was up by 0.06% and Wipro was up 0.05%. On the other hand, Dr. Reddy’s Lab was down 0.29% and Infosys was down by 0.14%.

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