US markets gains on encouraging data, rebound in oil prices

12 Aug 2016 Evaluate

The US markets closed higher on Thursday, as better-than-expected economic data and a rebound in oil prices boosted sentiment. Crude-oil prices bounced from a sharp drop and settled up, as talk of a possibly output freeze gains traction. Prices had been choppy as the International Energy Agency cut its forecast for global oil demand next year, citing a dimmer economic outlook. Thursday’s stock-market rise to fresh records may reinforce the view that equity valuations are inflated, as central banks maintain accommodative monetary policies around the world, and as earnings have been weak on a year-over-year basis. On the economy front, the number of people filing for unemployment benefits declined 1,000 to a seasonally adjusted 266,000 in the August 6 week. Initial claims have been below the key 300,000 threshold for 75 weeks in a row, the longest such streak since 1970. The 4-week moving average, which smooths out weekly volatility, rose 3,000 to 262,750. Continuing claims rose by 14,000 and totaled 2.16 million in the most recent week.

Separately, import prices rose 0.1% in July, marking the fifth straight month of increases. The cost of imports is still 3.7% lower than a year ago, however. Export prices increased 0.2% in July, the fourth monthly rise. But export prices are 3.0% lower than in July 2015. In July, import prices rose despite a decline in fuel costs. Fuel prices were down 2.5% while all other items rose 0.3%. Imports excluding fuel also rose 0.3% in May, and the two months marked the largest monthly increase since March 2014. Higher costs of imported goods will help nudge up inflation, which has remained below levels the Federal Reserve considers healthy for years.

Meanwhile, San Francisco Fed President John Williams stated that the Federal Reserve should raise interest rates this year in keeping with its basic strategy of taking our foot very gradually off the gas. Williams added that he did not agree with the argument from some doves on the Fed, like Chicago Fed President Charles Evans, that the central bank might consider waiting until inflation reaches the Fed’s 2% annual target before raising rates. The San Francisco Fed president is not a voting member of the Fed policy committee, but his views are followed closely because he is seen as a close ally of Fed Chairwoman Janet Yellen.

The Dow Jones Industrial Average added 117.86 points or 0.64 percent to 18,613.52, Nasdaq gained 23.81 points or 0.46 percent to 5,228.40, while S&P 500 was up 10.30 points or 0.47 percent to 2,185.79.

The Indian ADRs closed mostly in green; HDFC Bank was up 0.88%, Tata Motors was up 0.43%, Dr. Reddy’s Lab was up 0.41% and Wipro was up 0.07%. On the other hand, Infosys was down 0.08%.

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