US markets closed lower on global economic worries

08 Apr 2016 Evaluate

The US market closed lower on Thursday, as investors shunned assets perceived as risky in favor of haven plays. Concerns about global economic growth have ratcheted up investors’ appetite for haven assets such as the yen and gold. A drop in oil prices after two days of gains dented the appetite for risk assets as investors weighed a fall in crude inventories against fading hopes that a meeting of oil producers will lead to a curb on output. Federal Reserve Chair Janet Yellen touted the strength of the United States economy, rebuffing political rhetoric suggesting a bubble is ready to burst. Yellen appeared on a panel at the International House in New York and discussed about the US economy and monetary policy around the globe. Yellen noted that she did not see imbalances like clearly overvalued asset prices. Yellen added that the global economy has seen relatively weak growth despite positive signs in the US. The Fed has taken a cautious approach on raising interest rates this year after hiking its target in December for the first time in nearly a decade.

On the economy front, the number of Americans who applied for unemployment benefits last week from March 27 to April 2 fell by 9,000 to 267,000, keeping initial claims near the lowest level in decades. The average of new claims over the past four weeks, a less volatile measure, rose by 3,500 to 266,750. Initial claims have been below the 300,000 threshold for 57 weeks, a clear sign the labor market remains sound despite slower US economic growth since last fall. The low level of claims has coincided with a surge in job creation over the past few years. Some 2.19 million people collected weekly unemployment benefits, known as continuing claims, in the seven days ended March 26. That was 19,000 higher compared to the prior week.

Meanwhile, Americans added to their debt at a steady solid pace in February, suggesting that consumer spending will continue to prop up the economy. Consumer credit grew at a seasonally adjusted annual rate of 5.8%, for a gain of $17.2 billion, in February. The gain was above market expectations of a $14 billion gain. Consumer credit has been consistently solid over the past year with no monthly gains below 5%. Total consumer borrowing, which does not include mortgage debt, is now $3.57 trillion. Credit growth in January was revised up sharply, to a $14.9 billion gain from the prior estimate of $10.5 billion.

The Dow Jones Industrial Average lost 174.09 points or 0.98 percent to 17,541.96, Nasdaq was down by 72.35 points or 1.47 percent to 4,848.37 while, S&P 500 dropped 24.75 points or 1.20 percent to 2,041.91.

The Indian ADRs closed mostly in red; Infosys was down by 0.69%, HDFC Bank was down 0.58%, Tata Motors was down 0.35% and Wipro was down 0.24%. On the other hand, Dr. Reddy’s Lab was up 0.37%.

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