US markets closed mostly higher; Nasdaq ends in red

27 Apr 2016 Evaluate

The US market closed mostly higher on Tuesday, while the Nasdaq turned lower ahead of tech earnings. Investors were also cautious ahead of an updated policy statement from the Federal Reserve. On the economy front, orders for US durable goods climbed 0.8% in March, spearhead by increases in demand for military hardware, but bookings were soft in most key categories. Orders for large commercial aircraft fell 5.7% in March even though Boeing itself reported a big increase: 69 bookings compared to just two in February. The value of these orders is now likely to show up in April. Bookings for new cars and trucks also dropped 3%, reflecting a slowdown in sales after they recently hit a record high. Auto makers reported the weakest rate of sales in March in 13 months. Key segments that posted gains included primary metals, up 0.8%, and machinery, which rose 0.5%. US home prices rose 0.2% in February. House prices rose 5.4% compared to a year ago in February, a slightly slower pace than in January, S&P/Case Shiller 20-City index showed. Thirteen cities saw slower annual gains in the three month period ending in February than the period ending in January. While home prices have continued to appreciate much faster than wages are rising, the Case-Shiller 20-City index remains about 12% lower than the peak last touched in 2006.

Meanwhile, US consumer confidence in April fell as Americans became warier of where the economy is headed. The Conference Board stated that its index fell to 94.2 from 96.2 in March. The index has bounced around over the last six months after touching a 2015 high of 102.6 in September. In April, the present situations component actually improved, while the expectations index decreased. The consumer-confidence gauge is used as a measure of willingness to spend. Over the last 25 years, there’s a 59% correlation between the 12-month growth rate in consumer spending and the level of the Conference Board’s confidence gauge.

The Dow Jones Industrial Average added 13.08 points or 0.07 percent to 17,990.32, S&P 500 was up 3.91 points or 0.19 percent to 2,091.70 while, Nasdaq was down by 7.51 points or 0.15 percent to 4,888.28.

The Indian ADRs closed mostly in green; Tata Motors was up 0.99%, HDFC Bank was up 0.44%, Infosys was up 0.15% and Wipro was up 0.04%. On the other hand, Dr. Reddy’s Lab was down 0.32%.

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