US markets closed higher ahead of Fed, BOJ decisions

21 Sep 2016 Evaluate

The US markets closed in green with modest gains on Tuesday, as traders grew cautious on the eve of a pair of major central-bank decisions. The Fed will release its updated policy statement on Wednesday. Investors widely expect the central bank to stand pat on interest rates, so attention is instead being trained on the BOJ where policy surprises are seen as more likely. On the economy front, home builder construction stumbled in August, another sign of choppy momentum for the housing market. Housing starts ran at a seasonally adjusted annual pace of 1.14 million, 5.8% below July and missing forecasts of a 1.18 million pace. That was 0.9% lower than a year ago. Permits were flat at a 1.14 million pace in August, but were 2.3% lower than a year ago. Single-family starts slid 6% during the month to a 722,000 annual pace, which was 1.2% lower than year-ago levels. Still, all the weakness in both permits and starts was in the South. Both starts and permits rose in every other region during the month.

Meanwhile, the Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is on track to grow at a 2.9 percent annualized rate in the third quarter following the latest data on consumer prices and housing starts. The latest third-quarter GDP estimate was lower than the 3.0 percent figure calculated on September 15. The forecast of third-quarter real residential investment growth remained at -6.3 percent following the August housing starts data released earlier on Tuesday.

The Dow Jones Industrial Average added 9.79 points or 0.05 percent to 18,129.96, Nasdaq gained 6.32 points or 0.12 percent to 5,241.35, while S&P 500 was up 0.64 points or 0.03 percent to 2,139.76.

The Indian ADRs closed mixed; HDFC Bank was up 0.27%, Dr. Reddy’s Lab was up 0.21% and ICICI Bank was up 0.04%. On the other hand, Tata Motors was down 0.54% and Infosys was down 0.08%.

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