US markets closed higher as Brexit fear ease

22 Jun 2016 Evaluate

The US markets closed higher on Tuesday, trading within a narrow range after new polls showed support for the Britons vote to remain in the EU growing. Investors continued to closely follow the most recent polls from the UK, the latest of which showed a split vote, with a slight but statistically insignificant advantage for the ‘remain’ vote, which got 45% of voters, while the ‘leave’ vote got 44%. In her testimony to the Senate Banking Committee, Federal Reserve Chairwoman Janet Yellen stated that a victory for the leave camp in this week’s UK referendum on membership in the EU would pose a significant risk to the US economy and global financial market stability, and reiterated the cautious approach to raising interest rates that the Federal Open Market Committee signaled last week when it stood pat on US interest rates. Yellen noted that China is also facing considerable challenges moving away from an export-led economy. The Fed told the senate panel that financial vulnerabilities were moderate. However, a number of possible external shocks could pose risks to financial stability.

Meanwhile, even the Federal Reserve is weighing in on valuations in the US stock market. In its monetary policy report submitted to the Congress ahead of Federal Reserve Chairwoman Janet Yellen’s testimony, the central bank acknowledges that stock values have grown somewhat richer since the beginning of 2016. Separately, based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in US monetary policy, the CME Group FedWatch tool expects that financial markets don’t think the Fed will raise rates until December.

The Dow Jones Industrial Average was up by 24.86 points or 0.14 percent to 17,829.73, Nasdaq added 6.55 points or 0.14 percent to 4,843.76, while S&P 500 gained 5.65 points or 0.27 percent to 2,088.90.

The Indian ADRs closed mixed; HDFC Bank was up 0.25%, Tata Motors was up 0.18% and Wipro was up 0.01%. On the other hand, Dr. Reddy’s Lab was down 0.24% and Infosys was down 0.08%.

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