US markets closed mostly up ahead of key job report

02 Sep 2016 Evaluate

The US markets closed mostly higher on Thursday, recovering from earlier losses, as investors braced for the much-anticipated August jobs report on Friday, which could set the stage for a near-term interest-rate increase by the Federal Reserve. On the economy front, the number of Americans who applied for unemployment benefits last week rose slightly, but the level of layoffs remained near post-recession lows that showed the labor market is still fairly robust. Initial jobless claims rose 2,000 to 263,000 at the end of August stretching from August 21 to August 27 and have hovered in the 260,000 range for six straight weeks. New claims have hovered in the 260,000 range for the past six weeks. That’s just a touch above the post recession low of 252,000 set in July, itself a 43-year bottom. The average of new jobless claims over the past month, meanwhile, fell by 1,000 and also totaled 263,000. New claims fell below the key 300,000 threshold in early 2015 and have remained there for 78 straight weeks, the longest stretch since 1970. Continuing jobless claims, meanwhile, rose by 14,000 to 2.16 million in the week ended August 20.

Meanwhile, a key report on US manufacturing fell in August to a level indicating activity shrank, another sign of the difficulties in the factory sector. The Institute for Supply Management reported that its manufacturing index in August fell to 49.4% from 52.6% last month, below the consensus expectation for a 52% reading. Of the 18 different industries ISM measures, 11 shrank during the month. Key gauges on new orders, production and employment also were below the 50% mark. A similar gauge to ISM, the Markit manufacturing purchasing managers index, fell to 52 in August from 52.9 in July.

The Dow Jones Industrial Average added 18.42 points or 0.10 percent to 18,419.30, Nasdaq was up 13.99 points or 0.27 percent to 5,227.21, while S&P 500 inched lower by 0.09 points or to 2,170.86.

The Indian ADRs closed mostly in green; HDFC Bank was up 0.93%, Dr. Reddy’s Lab was up 0.53%, Tata Motors was up 0.47% and Infosys was up 0.24%. On the other hand, Wipro was down 0.05%.

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