US markets snap 5-day losing streak

17 Jun 2016 Evaluate

The US markets closed modestly higher on Thursday, ending a five-day streak of losses. For the past several sessions, a British referendum scheduled for June 23 to decide whether the UK will remain in the European Union had been weighing on risky assets like equities. Meanwhile, at a news conference after policy statement, Fed chairman Janet Yellen stated that vulnerabilities in the global economy remain, and acknowledged that the pending UK vote, known as Brexit, which will help to determine whether Britons remain a member of the European Union, was a factor in its monetary-policy plans. On the economy front, initial US jobless claims rose by 13,000 to 277,000 in mid-June, but the increase is likely tied to seasonal quirks that could unwind in the next few weeks. Broadly, layoffs nationwide remain low. The number of new applications for benefits during the week stretching from June 5 to June 11 was little changed in most states except for California and Pennsylvania. Unadjusted claim soared by 55% to 54,805 in the Golden State, an unusually large increase. Whatever the case, new claims remained below the key 300,000 mark for the 67th straight week, the longest streak since 1973. The average of new claims over the past month, meanwhile, fell by 250 to a seasonally adjusted 269,250. The less volatile four-week average is seen as a more accurate measure of labor-market trends. Continuing jobless claims increased by 45,000 to 2.16 million in the week ended June 4. The Philadelphia Fed manufacturing index showed mild improvement in June, only the second positive reading in the past ten months. The index rose to a reading of 4.7 in June from negative 1.8 in May, on an index where any reading above zero indicates improving conditions.

On the other hand, a reading on US inflation missed expectations. Consumer prices rose in May largely because of higher gasoline prices and rising rents, though the cost of many other staples such as groceries were flat or declined. The government’s tool to measure the cost of living, known as the consumer price index, climbed 0.2% in May and has risen three straight months. Yet while the cost of some things such as shelter and medical care continue to increase, inflation more broadly remains muted. The consumer price index has risen just 1% in the past 12 months, well below the level the Federal Reserve believes is healthy for the economy.

The Dow Jones Industrial Average was up by 92.93 points or 0.53 percent to 17,733.10, Nasdaq added 9.99 points or 0.21 percent to 4,844.92, while S&P 500 gained 6.49 points or 0.31 percent to 2,077.99.

The Indian ADRs closed mixed; Tata Motors was up 0.39%, Infosys was up 0.13% and Wipro was up 0.02%. On the other hand, ICICI Bank was down 0.14% and Dr. Reddy’s Lab was down 0.09%.

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