US markets closed higher on encouraging economic data

03 Jun 2016 Evaluate

The US markets closed higher on Thursday, on back of encouraging reports and ahead of the highly anticipated employment report due Friday morning. On the economy front, initial US jobless claims fell slightly in late May to the lowest level in five weeks, showing virtually no change in the low rate of layoffs taking place across the economy. New claims in the period running from May 22 to May 28 dropped by 1,000 and stood to a seasonally adjusted 267,000. The average of new claims over the past month slipped by 1,750 and stood to a seasonally adjusted 276,750. The four-week average smooths out fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends. Continuing jobless claims rose by 12,000 to 2.17 million in the week ended May 21. These claims, reported with a one-week delay, reflect people already receiving unemployment checks. Claims are near the lowest level since the early 1970s, the result of a surge in new job creation over the past several years that has reduced the unemployment rate to 5%. So far this year the US has added an average of 192,000 jobs a month, somewhat slower compared to 2015 and 2014. Private-sector employment gains accelerated slightly in May as employers added 173,000 jobs. The Automatic Data Processing tweaked April’s gain to 166,000 from a prior estimate of 156,000. Manufacturing employment remained weak, falling by 3,000 jobs in May. The service sector accounted for all the job gains in May. Earlier, there were some declines too, with oil prices falling after the Organization of the Petroleum Exporting Countries failed to reach an agreement on oil production caps at the conclusion of its Vienna meeting, continuing a hands-off policy that members say is gradually bringing supply and demand back into balance and boosting prices.

Meanwhile, Federal Reserve Governor Daniel Tarullo indicated that he is in no hurry to raise interest rates. Tarullo stated that one group favoring gradual rate hikes wants to hike unless there is a reason not to in order to avoid problems with inflation later on. The other camp, where he sits, wants an affirmative reason to move and asks why we need an interest rate hike. Tarullo is the central bank’s point man on bank regulation and seldom comments on Fed interest rate policy. He enlightened that he disagrees with hawks on the Fed who think rate hikes just need to be normalized.

The Dow Jones Industrial Average was up 48.89 points or 0.27 percent to 17,838.56, Nasdaq was higher by 19.11 points or 0.39 percent to 4,971.36 while, S&P 500 gained 5.93 points or 0.28 percent to 2,105.26.

The Indian ADRs closed mostly in green; Tata Motors was up 0.85%, HDFC Bank was up 0.77%, Dr. Reddy’s Lab was up 0.17% and Infosys was up 0.12%. On the other hand, Wipro was down by 0.04%.

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