US markets closed higher as oil rallies

04 Aug 2016 Evaluate

The US markets closed higher on Wednesday, with the Dow industrials snapping its seven-session losing streak and the broader market logging a moderate advance on the back of a rebound in crude-oil futures. On the economy front, private-sector hiring held steady in July, as employers added 179,000 jobs in July after a revised 176,000 job gains in the prior month. The Automatic Data Processing Inc. (ADP) has shown steady job growth while the government data has been volatile. The strong nonfarm-payrolls report in June followed a gain n May that was cut to a paltry 11,000. In addition to the ADP report, Markit released its final reading on activity in the services sector in July, showing it was unchanged in July at 51.4 and revised from the preliminary reading of 50.9. However, in nonmanufacturing data, the Institute for Supply Management’s services-sector index dropped to 55.5 in July, below expectations of 56. The highly anticipated Friday’s official jobs report will be viewed in terms of how it influences the Federal Reserve’s monetary-policy plans.

Meanwhile, Atlanta Fed President Dennis Lockhart stated that he would not rule out an interest rate hike in September and added that he was watching closely for signs of possible asset bubbles. Lockhart said that there will be many economic data points, including two jobs reports, before the Fed’s September 20-21 meeting. The Atlanta Fed president discounted the weakness seen in the second quarter gross domestic product report noting that the details shows consumer activity remains strong. Lockhart is not a voting member of the Fed policy committee this year. His comments dovetail with remarks from two other Fed officials this week seeking to keep alive the possibility of a rate hike next month.

The Dow Jones Industrial Average added 41.23 points or 0.23 percent to 18,355.00, Nasdaq gained 22.01 points or 0.43 percent to 5,159.74, while S&P 500 was up by 6.76 points or 0.31 percent to 2,163.79.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.24%, HDFC Bank was down 0.21% and Infosys was down 0.04%. On the other hand, Tata Motors was up 0.15% and ICICI Bank was up 0.09%.

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