The US markets ended in green on Friday after Fed Chair Janet Yellen said she expects the economy to continue to improve and said it may be appropriate for the Fed to raise rates in the coming months. The Fed Chief also said she expects inflation to move back up to the central bank's 2 percent objective as crude oil prices have steadied near $50 a barrel after plunging to $26 a barrel earlier in the year. Traders also took some encouragement with report showing the pace of GDP growth in the first quarter was upwardly revised to 0.8 percent from the initial estimate of 0.5 percent. Nonetheless, the revised GDP growth in the first quarter compares to the 1.4 percent jump seen in the fourth quarter and the 0.9 percent increase expected by economists. Meanwhile, a separate report from the University of Michigan showed a modest downward revision to its consumer sentiment index for May, although the index was still at an eleven-month high.
The Dow Jones Industrial Average edged higher by 44.93 points or 0.25 percent to 17,873.22, S&P 500 gained 8.96 points or 0.43 percent to 2,099.06 and Nasdaq was up by 31.74 points or 0.65 percent to 4,933.50.
The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.63%, HDFC Bank was up 0.36%, Infosys was up 0.31%, ICICI Bank was up 0.08% and Tata Motors was up by 0.07%.