US markets closed mostly lower on Thursday

27 May 2016 Evaluate

The US markets closed mostly lower on Thursday, as crude-oil futures failed to hang on to a move above $50 a barrel and investors brushed off better-than-expected economic reports. The number of people who applied for unemployment benefits last week fell to a one-month low, another sign the US economy has weathered a rough patch earlier in the year. Initial jobless claims dropped by 10,000 to 268,000 in the period stretching from May 15 to May 21. Initial jobless claims spiked in early May to a 14-month high, but the increased was tied mostly to an unusual law in New York that lets some school personnel collect benefits when school is out during spring break. New claims in New York have since been cut in half. The average of new claims over the past four weeks, a less volatile measure, rose by 2,750 to 278,500. That’s the highest level of 2016, though the number has been inflated by the situation in New York. The number of Americans collecting unemployment benefits, meanwhile, increased by 10,000 to 2.16 million in the week ended May 14. Continuing claims are reported with a one-week lag. A gauge of pending home sales jumped 5.1% in April, rising to the highest since February 2006. The National Association of Realtors’ pending home sales index hit 116.3 in April, its third straight monthly climb, the index is 4.6% higher than it was a year 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.

Meanwhile, orders for durable or long-lasting goods made in the US jumped 3.4% in April because of a surge in bookings for commercial jets that won’t be built for years. But a key measure of business investment fell again. The increase in new orders last month was powered by a spike in demand for commercial planes. Those orders accounted for 85% of the increase in April bookings. Typically large planes are built or delivered five years after they are ordered. Orders for new autos and parts also rose nearly 3%, snapping back from a decline in the prior month. Stripping out transportation, durable-goods orders increased a modest 0.4% in April after a meager 0.1% advance in March. Bookings for heavy machinery fell and orders for primary metals used in a wide variety of goods were flat.

The Dow Jones Industrial Average closed down 23.22 points or 0.13 percent to 17,828.29, S&P 500 dropped 0.44 points or 0.02 percent to 2,090.10 while, Nasdaq was up by 6.88 points or 0.14 percent to 4,901.77.

The Indian ADRs closed mostly in green; Infosys was up 0.37%, ICICI Bank was up 0.04% and Dr. Reddy’s Lab was up 0.03%. On the other hand, Tata Motors was down 0.09% and HDFC Bank was down 0.05%.

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