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  3. US markets closed higher on increasing global risk appetite

US markets closed higher on increasing global risk appetite

12 Jul 2016 Evaluate

The US markets closed higher on Monday, with S&P 500 finishing at a record high, as investors bought stocks amid a reinvigorated appetite for assets perceived as risky following a surprisingly strong jobs report last Friday. Markets were also boosted by the election in Japan over the weekend. Meanwhile, Federal Reserve Bank of Kansas City president Esther George stated that she wants the US central bank to get back to raising short-term interest rates gradually to reflect progress on hiring and inflation. George deemed the current level of short-term rates maintained by the Fed as too low given the progress Fed has seen in the economy. She also added that keeping rates at super-low levels raises the risk financial markets will run into trouble as an additional factor arguing in favor of lifting the cost of borrowing. George added that gradual adjustments in short-term interest rates mean the Fed is more likely to achieve its growth and inflation goals. She enlightened that the economy is near full employment levels, the housing sector is continuing its rebound and price pressures are moving back to the levels targeted by the central bank.

Meanwhile, Cleveland Fed President Loretta Mester stated that maintaining stability in financial markets should not be an explicit goal for the Federal Reserve, which should use interest rates to head off a crisis only if more precise and better-suited tools fail. Mester added that the Fed’s key price stability and maximum employment goals usually align with its desire for a stable financial sector.

The Dow Jones Industrial Average was up by 80.19 points or 0.44 percent to 18,226.93, Nasdaq added 31.88 points or 0.64 percent to 4,988.64 while, S&P 500 gained 7.26 points or 0.34 percent to 2,137.16.

The Indian ADRs closed in green; Tata Motors was up 0.89%, Dr. Reddy’s Lab was up 0.76%, HDFC Bank was up 0.69%, Infosys was up 0.29% and ICICI Bank was up 0.18%.


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