US markets closed mostly higher; Fed leaves rates unchanged

28 Apr 2016 Evaluate

The US market closed mostly higher on Wednesday, after the Federal Reserve left interest rates unchanged and provided little indication when it would deliver another rate rise. The Federal Reserve voted to leave interest rates unchanged but kept their options open for a move in June. For the third time since the start of the year, Chairwoman Janet Yellen and her colleagues voted to keep the federal funds rate in a range of 0.25-0.5%. In its carefully calibrated statement, the Fed moderated previous expression of concern about global financial and economic developments. In March, it called these areas risks to the US economy. The new statement also spotlighted continued improvement in the labor market and solid gains in household income. But the Fed also noted that consumer spending has moderated while business investment and net exports are soft. The decision was supported by 9 of 10 Fed policy committee members. Esther George, president of the Kansas City Fed, was the only dissenter for the second straight meeting.

On the economy front, an early look at US trade patterns in March points to a sharp drop in the nation’s trade deficit. The trade gap in goods - services are excluded - fell 9.5% to $56.9 billion. The goods deficit was $62.8 billion in the prior month. A smaller deficit in March could give first-quarter gross domestic product a nudge upward, though the number is still expected to be weak. A smaller deficit adds to GDP. The US government will release overall trade numbers for March next week, but the size of the trade deficit is generally tied to changes in exports and imports of goods. Trade patterns involving services rarely change much from month to month. In February, the government previously reported that the total US trade deficit rose slightly to $47.1 billion.

Meanwhile, a gauge of pending home sales rose 1.4% in March, its second monthly increase in a sign of momentum for the spring buying season. The National Association of Realtors’ pending home sales index rose to 110.5. After a downward revision to February data, the index is 1.4% higher than the level it touched both a year ago and a month ago. The index forecasts future sales by tracking real estate transactions in which a contract has been signed, but the deal has not yet closed.

The Dow Jones Industrial Average added 51.23 points or 0.28 percent to 18,041.55, S&P 500 was up 3.45 points or 0.16 percent to 2,095.15, while Nasdaq was down by 25.14 points or 0.51 percent to 4,863.14.

The Indian ADRs closed mixed; HDFC Bank was up 0.37%, Dr. Reddy’s Lab was up 0.34% and Wipro was up 0.01%. On the other hand, Tata Motors was up 0.18% and ICICI Bank was up 0.11%.

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