US markets closed mostly higher on Wednesday

14 Jul 2016 Evaluate

The US markets closed mostly higher on Wednesday, with the S&P 500 and Dow industrials scoring modest gains, but enough to extend their run into record territory and advance for a fourth session in a row. The next two days are heavy on economic indicators with weekly jobless claims due on Thursday and inflation, retail sales and industrial output numbers scheduled for Friday. According to the latest Federal Reserve beige book survey of economic conditions released showed that consumer spending was showing some signs of softening in June, raising questions about the broader health of the US economy in the second half of the year. Overall the survey, based on information collected by July 1, found that growth was continuing at a modest pace across most of the 12 Fed districts. Manufacturing was seen as generally improved from weak conditions over the past year. Labor market conditions remained stable while wage pressures remained modest to moderate. In addition, the real estate sector continued to shine. Federal Reserve officials have added that they are optimistic that the economy will stay on track for 2% growth this year despite a weak first quarter. But those upbeat forecasts generally assume strong domestic consumer spending offsetting weakness in exports, due to the weak global economy, and the energy sector, due to low oil prices.

On the economy front, the cost of imported goods increased for the fourth straight month in June, led again by the higher cost of fuel, adding mild upward pressure to low US inflation. Import prices have risen each month since March following five straight declines, largely because of the oil has climbed from multiyear lows. A barrel of oil now fetches more than $46 compared to around $32 at the end of 2015. Energy prices are just half as expensive as they were in 2014, however. Excluding fuel, the cost of imports fell 0.3% in June. Over the past year, import prices are 4.8% lower, helping to keep overall US inflation tame.

Separately, corporations are paying less to the Treasury this fiscal year, and the government’s budget deficit is ballooning because of it. In its latest monthly budget report, the Treasury Department stated that the deficit through June was $401 billion, up 27% from the same period a year ago. Total budget receipts for the fiscal year to date were up just 1%, versus a spending increase of 4%. While individual income tax collection has risen so far this fiscal year, it’s a far different story with corporate taxes - revenues are down 11%. The government’s budget year runs from October through September.

The Dow Jones Industrial Average was up by 24.45 points or 0.13 percent to 18,372.12, S&P 500 gained 0.29 points or 0.01 percent to 2,152.43, while Nasdaq lost 17.09 points or 0.34 percent to 5,005.73.

The Indian ADRs closed mostly in red; Tata Motors was down 0.40%, HDFC Bank was down 0.38%, Dr. Reddy’s Lab was down 0.25% and ICICI Bank was down 0.07%. On the other hand, Infosys was up 0.04%.

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