US markets closed mostly lower ahead of jobs report

07 Oct 2016 Evaluate

The US markets closed mostly lower on Thursday, as investors abstained from making big bets ahead of Friday’s much-anticipated September jobs report, which will help them gauge the likelihood that the Federal Reserve will raise interest rates before the end of 2016. Stocks sold off in early trade, but the market recouped much of its losses after a high-ranking European Central Bank official repudiated reports that the central bank had discussed tapering its bond-buying program. Meanwhile, world finance leaders decried a growing populist backlash against globalization and pledged to take steps to ensure trade and economic integration benefited more people currently left behind. Their comments at the start of the International Monetary Fund and World Bank fall meetings signaled frustration with persistently low growth rates and the surge of public anger over free trade and other pillars of the global economic system.

On the economy front, the number of people who applied for unemployment benefits fell by 5,000 to 249,000 at the end of September stretching from September 25 to October 1, showing an extremely low level of layoffs just a day before the government issues a key report on how many people found jobs last month. Initial jobless claims have been under 270,000 for 14 straight weeks, a feat that last occurred in the waning days of the Nixon administration. The low level of layoffs helps explain how the unemployment rate has fallen below 5% this year for the first time since 2008. The less volatile four-week average of initial claims, seen as a more accurate measure of labor-market trends, dropped 2,500 to 253,500. That’s the lowest level since December 1973. Continuing jobless claims declined 6,000 to 2.06 million in the week ended September 24. That’s the lowest level since August 2000.

The Dow Jones Industrial Average lost 12.53 points or 0.07 percent to 18,268.50, Nasdaq dropped 9.17 points or 0.17 percent to 5,306.85, while S&P 500 was up 1.04 points or 0.05 percent to 2,160.77.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 1.00%, Tata Motors was down 0.59%, HDFC Bank was down 0.57% and ICICI Bank was down 0.25%. On the other hand, Wipro was up 0.03%.

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