US market closed higher for fourth straight session

02 Jul 2016 Evaluate

The US markets closed higher on Friday, for fourth straight session with the Dow and S&P 500 marking their best week this year. Better-than-expected manufacturing data combined with fading worries about the Brexit, stoked appetite for equities. US manufacturing grew in June at the fastest pace in 15 months, signaling a clear if modest uptrend after a bout of extended weakness. The Institute for Supply Management stated that its manufacturing index jumped to 53.2% in June from 51.3% in May. That’s the highest level since February 2015. The ISM’s new-orders index increased to 57% in June from 55.7%, a three-month high. The employment gauge moved back into positive territory, though barely so, at 50.4%. Separately, spending on construction tumbled in May, with weakness mostly concentrated in the public sector. The 0.8% decline was well below forecasts. A 1.8% monthly decrease in April was marked down to a 2.0% decline. Still, total spending during the first five months of the year was 8.2% higher than in the same period a year ago. Private outlays were 0.3% lower than April, while public spending was 2.3% lower. Residential spending was 5.3% higher.

Meanwhile, Federal Reserve vice chairman Stanley Fischer stated that it is still too soon to evaluate the impact of the Brexit, as the UK’s decision to leave the European Union (EU) was known. Fischer suggested that the impact was probably much smaller than for others. He added that Fed would have a better idea of economic conditions by the July meeting and that the economy was the Fed’s number one priority. Fischer noted that his outlook continued to be for a gradual improvement in the economy and insisted that most of the data since the May payrolls report was looking good. Cleveland Fed President Loretta Mester believes the central bank was right to delay raising rates before the Brexit vote, but shouldn’t wait too long. Mester added that she still feels moving ahead with rate hikes is appropriate, particularly in light of an improving economy.

The Dow Jones Industrial Average was up by 19.38 points or 0.11 percent to 17,949.37, Nasdaq added 19.90 points or 0.41 percent to 4,862.57, while S&P 500 gained 4.09 points or 0.19 percent to 2,102.95.

The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 1.76%, HDFC Bank was up 0.23%, Tata Motors was up 0.07% and Infosys was up 0.06%. On the other hand, Wipro was down 0.03%.

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