US markets closed higher; Nasdaq snap 7-day losing streak

03 May 2016 Evaluate

The US market closed higher on Monday, with the Nasdaq Composite snapping a seven-day losing streak after data showed slow-but-steady economic growth unfolding in the US. The construction spending edged up in March thanks to a 1.5% gain in residential construction spending. That offset a 0.4% decline in nonresidential spending. Compared to 12 months ago, construction spending has climbed 8%, with residential construction up 7.6% and nonresidential construction up 8.3%. US manufacturers barely grew in April and there’s little sign of a broad pickup in business anytime soon. However, the Institute for Supply Management stated that its manufacturing index fell to 50.8% last month from 51.8% in March. Although readings over 50% indicate more companies are expanding instead of shrinking, manufacturers are clearly struggling to grow. The ISM index has hovered between 48% and 52% since last summer. The sluggish ISM reading for April also suggests that scattered evidence recently of improvement among manufacturers is probably a mirage. The ISM’s new-orders index slid to 55.8% in April from 58.3%. The employment gauge rose 1.1 points, but still negative at 49.2%.

The final Markit US Manufacturing Purchasing Managers’ Index registered 50.8 in April, down from 51.5 in March and only slightly above the 50.0 no-change threshold. This print indicated that the manufacturing economy barely grew or contracted. But it pointed to the weakest performance since September 2009. After a brief resurgence in the last few months, new business growth slowed to the slowest pace so far seen in 2016.

The Dow Jones Industrial Average added 117.52 points or 0.66 percent to 17,891.164, Nasdaq was up by 42.23 points or 0.88 percent to 4,817.59 while, S&P 500 gained 16.13 points or 0.78 percent to 2,081.43.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.71%, ICICI Bank was down by 0.27% and Wipro was down 0.10%. On the other hand, HDFC Bank was up 0.20% and Tata Motors was up 0.12%.

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