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  3. US markets closed lower on Monday

US markets closed lower on Monday

12 Apr 2016 Evaluate

The US market closed lower on Monday, relinquishing earlier gains on lower-than-average volume, as oil futures rallied and the dollar traded lower against most of its rivals. Investors had been bracing for the start of the first-quarter earnings season, which kicks off unofficially with the quarterly results from Alcoa Inc. President Barack Obama met alone with his Federal Reserve chair Janet Yellen for the first time since appointing her to the position, in order to discuss the growth outlook and threats to the US economy. They both discussed both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally. They also discussed the significant progress that has been made through the continued implementation of Wall Street reform to strengthen our financial system and protect consumers.

On the economy front, an increasingly important gauge of US inflation sagged last month back to near record low levels from earlier in the year, adding to the uncertainty over how fast the Federal Reserve can proceed with interest rate hikes in the coming months. Expectations for inflation one year in the future fell to 2.53 percent in March from 2.71 percent in February, according to the New York Fed’s survey of consumers. That was the fourth decline in the last six months and put expected inflation at just over a tenth of a percentage point above January’s reading of 2.42 percent, which was the lowest level since the survey began in mid-2013.

The Dow Jones Industrial Average lost 20.55 points or 0.12 percent to 17,556.416, Nasdaq was down by 17.29 points or 0.36 percent to 4,833.40 while, S&P 500 dropped 5.61 points or 0.27 percent to 2,041.99.

The Indian ADRs closed mostly in green; Tata Motors was up 1.02%, Wipro was up 0.27% and Infosys was up by 0.12%. On the other hand, Dr. Reddy’s Lab was down 0.43% and HDFC Bank was down 0.03%.



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