US markets closed higher; S&P, Dow hit fresh all-time high

13 Jul 2016 Evaluate

The US markets closed higher on Tuesday, with the Dow Jones Industrial Average and the S&P 500 index both closing at fresh all-time highs. A stronger-than-expected second-quarter report from Alcoa Inc. viewed as the unofficial launch of corporate-earnings season - engendered optimism on Wall Street. On the economy front, small-business sentiment rose for the third straight month in June, but remained muted compared to its long-term average. The optimism index from the National Federation of Independent Business rose 0.7 point to 94.5. Only three of ten components declined in June, and the biggest jump was in the number of people who expect the economy to improve. Still, the index has spent most of the economic expansion well below its long-term average of 98. Small-business owners continue to have trouble finding workers. More than half reported hiring or trying to hire, but 48% reported no or few qualified applicants for the open positions.

Separately, job openings fell to the lowest of the year in May, but the decline is probably more reflective of the low number of jobs created that month instead of evidence of a sharp deterioration in the labor market. Job openings fell to a seasonally adjusted 5.5 million in May from a record 5.85 million in April. That’s the biggest decline in openings since last August. The economy added a whopping 287,000 jobs last month after a meager 11,000 gain in May that was the weakest since 2010. The softer pace of hiring is evident in the private sector. The so-called hiring rate among companies slipped to 3.8% in May to mark the lowest level in more than two years.

The Dow Jones Industrial Average was up by 120.74 points or 0.66 percent to 18,347.67, Nasdaq added 34.18 points or 0.69 percent to 5,022.82 while, S&P 500 gained 14.98 points or 0.70 percent to 2,152.14.

The Indian ADRs closed mostly in green; ICICI Bank was up 0.37%, Infosys was up 0.14% and Tata Motors was up 0.05%. On the other hand, Dr. Reddy’s Lab was down 0.60% and HDFC Bank was down 0.23%.

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