US markets snap two days of losses

06 Oct 2016 Evaluate

The US markets closed higher on Wednesday, as stocks rebounded from losses of the past two sessions, fueled by rising oil prices. A resurgent services sector also helped to lift demand for equities and other assets perceived as risky. The services sector accelerated in September, reaching its highest level in 11 months. The Institute for Supply Management stated that its services index shot up to 57.1% in September from 51.4% in August. According to its scale, any reading over 50% indicates improving conditions. A reading on business activity vaulted 8.5 points to 60.3%. The index for new orders jumped 8.6 points to 60%. The index for employment grew an impressive 6.5 points to 57.2%. A similar report from Markit, however, showed a smaller gain, to 52.3% from 51% in August. Private-sector employment slowed a bit in September. Employers added 154,000 private-sector jobs last month, down from 175,000 in August, Automatic Data Processing Inc. reported. This is the smallest increase since April. The increase in September was below expectations. ADP has been a range of 150,000 to 207,000 jobs this year. Details of ADP’s report showed that small private-sector businesses added 34,000 jobs in September, medium businesses added 56,000 and large businesses added 64,000.

Additionally, the US trade deficit rose 3% in August to $40.7 billion as imports climbed to the highest level in almost a year, reflecting a strong dollar that makes foreign goods cheaper as well as a burst in spending tied to the Rio Olympics. Despite the increase in August, the deficit is on track to be smaller in the third quarter than in the spring. That’s likely to help inflate gross domestic product, the official scorecard of the US economy. Exports edged up 0.8% to $187.9 billion to mark the highest level since July 2015. US imports, meanwhile, increased 1.2% in August to $228.6 billion and hit the highest level in 11 months.

Meanwhile, Federal Reserve Vice Chair Stanley Fischer stated that the so-called natural rate of interest has fallen to low levels could mean the economy is stuck in a low-growth rut that could prove hard to escape. As a result, central bankers may face a future where the short-term interest rates set by policymakers never get far above zero, and the unconventional tools used during the financial crisis become a recurrent fact of life. Fischer added that ultralow interest rates may reflect more than just cyclical forces, yet another indication that the economy’s growth potential may have dimmed considerably.

The Dow Jones Industrial Average added 112.58 points or 0.62 percent to 18,281.03, Nasdaq gained 26.36 points or 0.50 percent to 5,316.02, while S&P 500 was up 9.24 points or 0.43 percent to 2,159.73.

The Indian ADRs closed mostly in green; Tata Motors was up 1.25%, Wipro was up 0.03% and ICICI Bank was up 0.01%. On the other hand, HDFC Bank was down 0.45% and Dr. Reddy’s Lab was down 0.36%.

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