US markets closed mostly higher on Monday

10 May 2016 Evaluate

The US market closed mostly higher on Monday, while the Dow Jones Industrial Average retreated as uncertainties in the oil weighed on Wall Street. Volatility in stocks emerged after the weekend dismissal of Saudi Arabia’s powerful energy minister, Ali al-Naimi, sowed uncertainty about the country’s energy policy. Crude-oil futures rose overnight, but turned sharply lower midmorning as the likelihood of a hoped-for production freeze from the Organization of the Petroleum Exporting Countries faded amid the reshuffling of Saudi Arabia’s power players. Minneapolis Federal Reserve Bank President Neel Kashkari signaled his support for the cautious and patient approach to rate hikes laid out by Fed Chair Janet Yellen, saying the current stance of monetary policy is about right. While a rate hike in June is possible, Kashkari sounded happy to keep rates low for now in order to continue bringing workers who have not worked in months or years back into the labor force. Kashkari added that the US economy is likely to grow at about a 2-percent pace this year and he is not clear whether a recent pick-up in inflation was real or due to transitory factors. At the same, Kashkari did not rule out the possibility that wages, the unemployment rate, labor force participation and the inflation outlook could improve enough before June for the Fed to raise rates then. Charles Evans, president of the Chicago Fed, stated that the US economy’s fundamentals are solid and growth this year should pick up to around 2.5 percent, but the Federal Reserve’s current wait and see approach to monetary policy is appropriate.

The Nasdaq gained by 14.05 points or 0.30 percent to 4,750.21, S&P 500 added 1.55 points or 0.08 percent to 2,058.69, while the Dow Jones Industrial Average was down by 34.72 points or 0.20 percent to 17,705.91.

The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.71%, HDFC Bank was up 0.58%, Infosys was up 0.29% and Wipro was up 0.15%. On the other hand, Tata Motors was down 0.09%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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Investing in stocks, mutual funds, debt, and gold
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A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
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