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  3. US market slips as Federal Reserve downplays QE3

US market slips as Federal Reserve downplays QE3

04 Apr 2012 Evaluate

The US markets closed lower on Tuesday, the Dow industrials was down for their first session in four, as Federal Reserve minutes showed central bankers saw no need for more monetary stimulus unless economic growth slows. Minutes from the March 13 Fed policy meeting showed the Fed is holding off on increasing monetary accommodation unless the US economic expansion falters or prices rise at a rate slower than its 2 percent target. There was less interest in another round of bond buys at the Federal Reserve’s policy meeting in March. At the meeting, only a couple of members suggested that more quantitative easing as the policy is commonly known could become necessary if the economy lost momentum. There was apparently no discussion at the meeting of any new form of quantitative easing.

However, the Commerce Department reported orders to American factories climbed in February for a third month in four, with the 1.3% rise just below the 1.5% expected. Also, on Wednesday the ADP employment report for March could draw more than the usual attention given it comes two days ahead of Friday’s nonfarm-payrolls report.

The Dow Jones Industrial Average closed lower by 64.94 points, or 0.49 percent, at 13,199.50. The S&P 500 lost 5.66 points, or 0.40 percent, at 1,413.38, while the Nasdaq was down by 6.13 points, or 0.20 percent, at 3,113.57.

Indian ADRs closed mixed on Tuesday, Dr. Reddy’s Lab was down 1.05%, ICICI Bank was down 0.29% and HDFC Bank was down 0.07%. On the flip side, Sterlite Industries was up 0.19% and Tata Motors was up 0.02%.

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