US markets closed higher as OPEC agrees to limit oil output

29 Sep 2016 Evaluate

The US markets closed higher on Wednesday, after OPEC took an important step towards a cap on crude-oil output. The Organization of the Petroleum Exporting Countries reached an understanding to limit crude production and is considering cutting production to between 32.5 million to 33 million barrels a day. The oil-fueled gains come as Federal Reserve Chairwoman Janet Yellen wrapped up her testimony before the House Financial Services Committee and as attention has appeared to shift away from concerns about European banks, namely Deutsche Bank. Yellen stated that the financial condition of the top US banks has strengthened considerably since the financial crisis as she outlined steps the central bank is considering to make bigger banks have larger cushions and have smaller banks face less stringent requirements. She added that the eight largest global systemically important banks have seen an increase of nearly $800 billion in common equity capital since 2008. We must carefully monitor the impact of the regulatory changes we have made and remain vigilant regarding the potential emergence of new risks to financial stability.

On the economy front, orders for durable or long-lasting goods flattened out in August after a sizable gain in the prior month, pointing to ongoing difficulties for American manufacturers. Orders fell 22% for large commercial aircraft, a volatile category that’s exhibited large swings during the summer. Bookings for new autos rose 0.7%, however. Stripping out transportation, orders sagged 0.4%. Demand declined for heavy machinery, computers and electrical equipment. In a bit of good news, though, orders for core capital goods rose 0.6% and posted the third increase in a row. The last time that happened was at the end of 2014 and early 2015. Core orders are viewed as a proxy for business investment.

The Dow Jones Industrial Average added 110.94 points or 0.61 percent to 18,339.24, Nasdaq gained 12.84 points or 0.24 percent to 5,318.55, while S&P 500 was up 11.44 points or 0.53 percent to 2,171.34.

The Indian ADRs closed mixed; Tata Motors was up 0.61%, Dr. Reddy’s Lab was up 0.06% and ICICI Bank was up 0.06%. On the other hand, HDFC Bank was down 0.84% and Wipro was down 0.05%.

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