US markets closed higher ahead of Brexit vote results

24 Jun 2016 Evaluate

The US markets closed higher on Thursday, with all three indexes rallying, as investors wagered that the UK will choose to remain in the European Union in a historic referendum with far-reaching implications. On the domestic economy front, fewer Americans filed for jobless benefits in the week ending June 18, a sign that the labor market is withstanding choppiness in other segments of the economy. There were 259,000 initial claims, a decline of 18,000 from the prior week. It marked the 68th consecutive week in which claims were below 300,000, the longest such streak since 1973. The four-week moving average, which smooths out weekly bumpiness, was 267,000, down 2,250.Continuing claims also decreased, falling to 2.14 million from an upwardly-revised 2.16 million. On the other hand, one measure of national economic activity plunged in May due largely to weaker manufacturing. But hiring and consumer spending also slowed that month. The Chicago Fed’s national activity index fell to -0.51 in May from +0.05 reported in April. All four broad categories of indicators decreased from April, and all four categories made negative contributions to the index in May.

Moreover, new-home sales declined in May, an expected pullback after an outsize jump in April. Sales ran at a seasonally adjusted annual rate of 551,000. That was lower than the 560,000 predicted and followed a downward revision to April data. New-home-sales data are volatile and often subject to hefty revision, but the broad trend is up. May figures were 8.7% higher than in May 2015 and sales so far in 2016 are running about 8% higher than in the same period a year ago.

Meanwhile, Federal Reserve Bank of Dallas President Robert Kaplan stated that he was backing away from his call earlier this year that he would favor raising rates this summer, citing a need to search for more evidence to justify a boost in borrowing costs. Kaplan added that given the mixed nature and somewhat disappointing performance of economic data over the past few months, he is certainly not in a position to be advocating for further action in terms of the central bank raising short-term interest rates. Kaplan enlightened that for now, the key here is patience.

The Dow Jones Industrial Average was up by 230.24 points or 1.29 percent to 18,011.07, Nasdaq added 76.72 points or 1.59 percent to 4,910.04, while S&P 500 gained 27.87 points or 1.34 percent to 2,113.32.

The Indian ADRs closed in green; Dr. Reddy’s Lab was up 1.48%, Tata Motors was up 0.94%, HDFC Bank was up 0.58%, Infosys was up 0.40% and ICICI Bank was up 0.28%.

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