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  3. US markets closed mostly higher on Tuesday

US markets closed mostly higher on Tuesday

08 Jun 2016 Evaluate

The US markets closed mostly higher on Tuesday, propelled by a sharp rally in the energy sector. However, a slump in biotech weighed on the Nasdaq Composite, dragging it into negative territory. Investors appeared to shrug off government data that showed productivity of businesses and workers fell in the first quarter, but by less than initially reported. The productivity of American businesses and workers fell in the first quarter at a slower pace than previously reported, though the weak long-term trend remains a nagging problem for the US economy. Productivity declined at a 0.6% annual rate in the first three months of the year instead of the initial 1% estimate. Productivity has fallen in four of the past six quarters. Most notably, unit-labor costs were marked up to show a 4.5% annualized gain instead of 4.1%. The increase in labor costs was also raised to 5.4% in the fourth quarter from 2.7%. That’s the biggest back-to-back gain since the economy exited recession in mid-2009.

Meanwhile, Atlanta Fed President Dennis Lockhart stated that he would not support an interest rate hike at the policy meeting next week but would be open to a move six weeks later. Lockhart added that May job data did not change his basic view that the US economy will grow at a 2% rate. The economy created 38,000 jobs in May, the smallest monthly job gain in almost six years. The report was not a sign that the economy was slowing. It could be the natural slowing in job creation as the economy gets closer to full employment.

The Dow Jones Industrial Average was up by 17.95 points or 0.10 percent to 17,938.28, S&P 500 added 2.72 points or 0.13 percent to 2,112.13 while, Nasdaq lost 6.96 points or 0.14 percent to 4,961.75.

The Indian ADRs closed mostly in green; HDFC Bank was up 0.74%, ICICI Bank was up 0.39%, Dr. Reddy’s Lab was up 0.36% and Tata Motors was up 0.33%. On the other hand, Infosys was down 0.17%.




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