US markets closed higher snapping two days losing streak

29 Jun 2016 Evaluate

The US markets closed higher on Tuesday, after a brutal two-day rout in global equities that resulted in washing away months of gains following Britain’s referendum to leave the EU. Rattled investors feared that Brexit would destabilize the European trading bloc. On the domestic economy front, the US economy’s annual growth rate in the first quarter was raised again to 1.1%, revised figures show, but it was still one of the weakest performances in the past several years. Exports actually rose slightly instead of falling and business investment was not as dismal as previously reported. Although first-quarter growth was twice as strong as the Commerce Department’s original reading, the slow start in 2016 might be enough to prevent the US from reaching 3% annual growth for the 11th straight year. US consumer confidence took a step higher in June - at least, it did before Britain’s vote to leave the European Union. The Conference Board said its consumer confidence index rose to 98 from 92.4 in May. However, the cutoff date was June 16, a week before the British referendum that has roiled financial markets. The present situations index rose to 118.3 from 113.2, while the expectations index rose to 84.5 from 78.5.

Moreover, US house prices rose 1.1% in April. The S&P/Case-Shiller 20-City Index showed a stronger pace of growth in the three months ending in April. March’s reading was 0.9% higher. Compared to the same period a year ago, prices rose 5.4%, down from 5.5% in March. Still, home prices have been resilient despite some economic and financial market uncertainty and the dearth of inventory in the housing market, which has pushed prices out of reach of many buyers.

The Dow Jones Industrial Average was up by 269.48 points or 1.57 percent to 17,409.72, Nasdaq added 97.43 points or 2.12 percent to 4,691.87, while S&P 500 gained 35.55 points or 1.78 percent to 2,036.09.

The Indian ADRs closed in green; Dr. Reddy’s Lab was up 1.23%, HDFC Bank was up 1.21%, Tata Motors was up 1.15%, ICICI Bank was up 0.25% and Infosys was up 0.22%.

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