US markets closed mostly lower; Dow ekes out minor gains

16 Jul 2016 Evaluate

The US markets closed mostly lower on Friday, while the Dow Jones Industrial Average edged higher to post its fourth straight record close. On the economy front, sales at US retailers rose sharply in June, a sign consumers are spending at a healthy clip and propping up the US economy after a slow start earlier in the year. Retail sales rose a seasonally adjusted 0.6% to mark the third straight strong gain. The June retail sales add to evidence of a rebound in US growth in the recently ended second quarter. Industrial production in June grew at the fastest monthly rate in eleven months, on the back of strong auto and utility output. The industrial production grew 0.6% in June. This is the fastest growth since last July. In addition, May’s decline was revised to a 0.3% fall from an initially reported 0.4% drop. For the second quarter as a whole, industrial production fell at an annual rate of 1%, its third consecutive quarterly decline and the fifth out of the past six. Compared to a year ago, production was down 0.7%.

Meanwhile, consumer prices rose in June for the fourth straight month as the cost of gasoline, rent and medical care continued to go up, according to a government index that tracks the cost of living. The consumer price index increased a seasonally adjusted 0.2% last month. The higher cost of fueling up accounted for much of the increase in inflation in June. Energy prices leaped 1.3%. Falling prices, however, could offer households a bit of relief. Yet other key expenses for consumers such as housing and medical care have gotten more costly. Rents rose 0.4% in June and the price of prescription drugs jumped 1.3%. Overall inflation, however, remains low. The consumer price index has risen 1% in the past 12 months. The core rate that excludes food and energy has increased at a 2.3% annual pace.

On the other hand, a reading of New York-area manufacturing conditions retreated in July, in what could be a sign of the impact of Britain’s vote to leave the European Union on the US economy. The Empire State general business conditions index slipped to 0.6 in July from 6.0 in June.

The Nasdaq lost 4.47 points or 0.09 percent to 5,029.59, S&P 500 was down 2.01 points or 0.09 percent to 2,161.74 while, Dow Jones Industrial Average was up by 10.14 points or 0.05 percent to 18,516.55.

The Indian ADRs closed mostly in red; Infosys was down 1.63%, Wipro was down by 0.40% and Dr. Reddy’s Lab was down 0.28%. On the other hand, Tata Motors was up 0.42% and HDFC Bank was up 0.38%.

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