US markets eke out marginal gains

19 Aug 2016 Evaluate

The US markets closed higher on Thursday, as investors pored over a batch of upbeat economic data and digested signs that the Federal Reserve remains divided about the timing of the next interest-rate hike. A rise in oil prices, which pushed West Texas Intermediate crude trading on the New York Mercantile Exchange - the US benchmark - into bull-market territory, helped nudge energy stocks up. On the economy front, the number of people who applied for unemployment benefits last week stretching from August 7 to August 13 fell by 4,000 to 262,000 to mark a one-month low, a sign the labor market remained healthy in late summer. New claims fell below the key 300,000 benchmark in February 2015 and have stayed under that mark for 76 weeks. The last time that occurred was in 1970 when the working population was much smaller. The average of new jobless claims over the past month rose by 2,500 to 265,250. That’s the highest level since late June, but there is no sign that they will continue to increase. Continuing jobless claims rose 15,000 to 2.18 million in the week ended August 6. The Philadelphia Fed’s barometer of regional manufacturing activity rebounded slightly into positive territory in August, only the third positive reading of the year. The Philly Fed’s gauge of regional manufacturing activity rose to positive 2 in August from negative 2.9 in July. The small increase was in line with expectations.

Meanwhile, San Francisco Fed President John Williams stated that he would like to see another interest-rate hike sooner rather than later, suggesting he is in the camp that would be in favor of a move at the next meeting in late September. Williams added that in the context of a strong domestic economy with good momentum, it makes sense to get back to a pace of gradual rate increases, preferably sooner rather than later.

The Dow Jones Industrial Average added 23.76 points or 0.13 percent to 18,597.70, Nasdaq was up 11.49 points or 0.22 percent to 5,240.15, while S&P 500 gained 4.80 points or 0.22 percent to 2,187.02.

The Indian ADRs closed mostly in green; HDFC Bank was up 0.30%, ICICI Bank was up 0.20% and Tata Motors was up 0.14%. On the other hand, Wipro was down 0.12% and Infosys was down 0.04%.

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