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  3. US markets end lackluster day of trade marginally in red on Friday

US markets end lackluster day of trade marginally in red on Friday

13 Aug 2016 Evaluate

The US markets ended the lackluster day of trade slightly in the red terrain on Friday, as sentiments remained pessimistic on report that retail sales were unexpectedly flat in the month of July. Retail sales were virtually unchanged in July after climbing by an upwardly revised 0.8 percent in June. Excluding a jump in auto sales, retail sales fell by 0.3 percent in July after advancing by an upwardly revised 0.9 percent in June. Ex-auto sales had been expected to rise by 0.2 percent. Sentiments also remained dampened with The Labor Department releasing a report showing an unexpected decrease in producer prices in the month of July. The report said the producer price index for final demand fell by 0.4 percent in July after climbing by 0.5 percent in June. Excluding food and energy prices, core producer prices dipped by 0.3 percent in July following a 0.4 percent increase in June. Core prices had been expected to edge up by 0.2 percent. A separate report from the University of Michigan showed that consumer sentiment has improved by less than expected in the month of August. On the sectoral front, Steel stocks showed a significant move to the downside, however, with the NYSE Arca Steel Index slumping by 3 percent. The index pulled back further off the more than one-year closing high set last Friday. Considerable weakness also emerged among chemical stocks, as reflected by the 1.1 percent loss posted by the Dow Jones Chemicals Index. Industry giants Dow Chemical (DOW) and DuPont (DD) posted notable losses.

The Dow Jones Industrial Average declined 37.05 points or 0.20 percent to 18,576.47 and S&P 500 was down by 1.74 points or 0.08 percent to 2,184.05, while Nasdaq was up by 4.50 points or 0.09 percent to 5,232.89. 

The Indian ADRs closed mostly in red; Infosys declined 0.29%, ICICI Bank slipped 0.04% and Wipro was down by 0.04%. On the other hand, Infosys was down 0.08%. On the flipside, Tata Motors gained 0.51% and HDFC Bank was up by 0.45%.

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