US markets closed higher on encouraging economic data

28 Sep 2016 Evaluate

The US markets closed higher on Tuesday, with the Dow industrials rising more than 100 points after the first presidential debate between Democratic candidate Hillary Clinton and Republican contender Donald Trump and reacting to a number of stronger-than-expected economic reports. The advance in stocks suggests that US equity markets are betting that Clinton benefited the most from Monday’s presidential debate. Stocks are rising on the prospect of a Clinton presidency because the Democrat is viewed as a known quantity while some view Trump as being more unpredictable - a bad thing for stock investors. Oil futures tumbled to settle down after both Iran and Saudi Arabia played down expectations for a deal to freeze or cut oil production at the closely watched informal OPEC meeting on Wednesday.

On the economy front, Americans in September expressed the most optimism about the economy since the summer of 2007, reflecting a sunnier view about the US labor market. The index of consumer confidence climbed to 104.1 this month from 101.8 in August. Consumers were more upbeat about employment conditions. The nation’s unemployment rate has fallen below 5% and millions of people have found jobs in the past several years. Companies have also had to raise wages amid what they call a shortage of skilled labor. The present situation index, a measure of current conditions, climbed to 128.5 from 125.3. That’s also the highest level since August 2007. US house prices rose 0.6% in July, according to a closely-watched price tracker. The S&P CoreLogic Case-Shiller 20-City Index rose 5.0% compared to a year ago. That’s down slightly from 5.1% in the June index reading. As usual, the Pacific Northwest saw the biggest gains. Portland prices rose 12.4% vs. a year ago, while Seattle prices were up 11.2%.

Meanwhile, San Francisco Federal Reserve Bank President John Williams stated that the Federal Reserve can raise interest rates without threatening the US economic recovery, adding that the central bank risks doing more harm by continued inaction. Williams warned that US unemployment stands at 4.9 percent, near what many Fed officials believe represents a fully employed economy. While a further drop to perhaps 4.5 percent would deliver a healthy boost to inflation, anything lower risks overheating the economy, which could force the Fed to jack up rates and tip the economy into recession. Fed Vice Chairman Stanley Fischer stated that the Federal Reserve should avoid raising interest rates too much, adding that gains in US incomes are a sign that workers are benefiting from a tighter labor market. Fischer, the Fed’s No. 2 official, enlightened that the recently-reported increase in median household income in 2015 was a sign that the low US jobless rate was pushing wages higher.

The Dow Jones Industrial Average added 133.47 points or 0.74 percent to 18,228.30, Nasdaq gained 48.22 points or 0.92 percent to 5,305.71, while S&P 500 was up 13.83 points or 0.64 percent to 2,159.93.

The Indian ADRs closed in green; Dr. Reddy’s Lab was up 0.51%, HDFC Bank was up 0.47%, Tata Motors was up 0.10%, Wipro was up 0.08% and Infosys was up 0.04%.

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