US markets closed higher; S&P posts best closing level of 2016

07 Jun 2016 Evaluate

The US markets closed higher on Monday, with the S&P 500 notching its best finish of the year, even as Federal Reserve Chairwoman Janet Yellen stated that a rate-hike following an ugly jobs report on Friday was still a possibility. The Fed boss cautioned investors against placing too much emphasis on a disappointing jobs report and added that although Friday’s labor data were concerning, rising employment, household incomes, and consumer confidence, signaled that the domestic economy is in relatively good shape. Yellen raised concern that even though the financial stresses that had emanated from abroad at the start of this year have eased, global risks require continued attention. China still faces considerable challenges and investors’ perception of risk can change abruptly. One development that could shift investor sentiment is the upcoming referendum in the United Kingdom. A UK vote to exit the European Union could have significant economic repercussions.

Separately, Boston Fed President Eric Rosengren, gave the latest hint that while the US central bank remains on track to continue tightening policy it likely will not do so at a June 14-15 meeting. Rosengren added that the US economy’s rebound from a weak winter has moved the Federal Reserve closer to raising rates, though last month’s poor employment report might give it pause. Rosengren enlightened that jobs data contrasted with a strong pick-up in US spending and growth in the second quarter, so it will be important to see whether the weakness in this report is an anomaly or reflects a broader slowing in labor markets. But he still expects sufficient economic growth to justify a gradual removal of accommodation and he noted that, at 4.7 percent, unemployment has dropped to his estimate of full employment, a key goal since the financial crisis.

The Dow Jones Industrial Average was up by 113.27 points or 0.64 percent to 17,920.33 Nasdaq gained 26.19 points or 0.53 percent to 4,968.71 while, S&P 500 added 10.28 points or 0.49 percent to 2,109.41.

The Indian ADRs closed mostly in green; Tata Motors was up 0.64%, HDFC Bank was up 0.23% and Infosys was up 0.10%. On the other hand, Wipro was down by 0.05% and Dr. Reddy’s Lab was down 0.02%.

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