US markets closed higher as on oil rally

11 May 2016 Evaluate

The US market closed higher on Tuesday, to end with their best one-day percentage gains in two months as oil prices rallied. Despite the broad-market rally, nagging concerns about lofty valuations continue to lead to an undertone of cautiousness among some investors. On the economy front, the number of available jobs rose to an eight-month high in March, in what could be a sign that companies are struggling to find talent to fill the positions they need - but that financial-market turbulence hasn’t deterred firms from expanding. The Labor Department stated that there were 5.76 million job openings in March, up from 5.61 million in February. The sector with the largest number of open jobs is the professional and business service sector, with 1.23 million open slots, a 124,000 gain from March. The number of job openings in the construction sector edged up to 210,000, the highest level in nearly nine years, before the Great Recession that wrecked the housing sector. The low-paying retail sector had 35,000 fewer open jobs in March, though another low-paying field, leisure and hospitality, had 29,000 more jobs to fill. The quits rate - a measure of worker willingness to leave one job for another - stayed at 2.1% in March. A measure of small-business sentiment rose in April, snapping a three-month losing streak that took it to a two-year low. The National Federation of Independent Business’s optimism index rose 1 point to 93.6, slightly better than the 93.1 forecasted. Most of the index’s sub-gauges rose or stayed neutral.

Meanwhile, Federal Reserve Bank of New York President William Dudley stated that he would welcome more currencies achieving reserve status, noting the more countries that meet the requirements, the more insulated the financial system could be from destabilizing capital flights. Dudley’s remarks come less than six months after China won inclusion in the elite basket of currencies that make up the IMF’s lending reserves, marking a milestone in the nation’s efforts to establish the country as a global economic power. Dudley added that it remains a reasonable expectation that the Fed will raise its benchmark interest rate twice this year. He believes the general story of the economy over the last few years is very much intact. Dudley expects roughly 2 percent growth over the next year and described the global situation as dramatically better, and that financial conditions have eased considerably.

The Dow Jones Industrial Average was up by 222.44 points or 1.26 percent to 17,928.35, Nasdaq gained by 59.67 points or 1.26 percent to 4,809.88, while S&P 500 added 25.70 points or 1.25 percent to 2,084.39.

The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.92%, Infosys was up 0.30% and HDFC Bank was up 0.25%. On the other hand, Tata Motors was down 0.44% and Wipro was down 0.04%.

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