US markets closed with modest losses on Friday

29 Oct 2016 Evaluate

The US markets closed with modest losses on Friday, pressured by the surprise announcement that the Federal Bureau of Investigation was restarting a probe into Hillary Clinton’s emails, adding a new dose of political uncertainty into the market. Major indexes traded higher in early session, supported by a strong GDP reading, but the news prompted a turnaround and extended the week-to-date declines of the S&P 500 and Nasdaq. The economy grew in the third quarter at the fastest pace in two years, aided by a spike in soybean and other US exports and a rebound in the size of inventories companies keep on hand for sale. The Gross Domestic Product, the official scorecard for the economy, expanded at a 2.9% annual clip from July through September. That’s a marked improvement from the first half of the year when the US grew just barely over 1%. In the third quarter, the economy was buffeted again by diverging forces. Consumers increased spending by a moderate 2.1%, exports posted the biggest increase in almost three years and businesses restocked warehouse shelves after a rare decline in inventories in the spring. Yet higher imports, a second straight decline in how much builders spent to construct new housing and less investment in business equipment tempered results.

Meanwhile, the cost for businesses to employ workers rose 0.6% in the third quarter, as benefits advanced at the fastest pace in two years. The ECI has increased 2.2% in the past 12 months, down slightly from the prior quarter. Through much of an economic recovery that began in mid-2009 the index grew at a less than 2% clip. Benefits rose an even faster 0.7%, marking the biggest increase in two years. The ECI is a closely followed gauge that reflects how much companies, governments and nonprofit institutions pay their employees in wages and benefits. The index has grown somewhat faster in the past two years as the unemployment rate dropped to an eight-year low and the pool of available labor shrank, making it more costly for companies to attract or retain employees.

The Dow Jones Industrial Average lost 8.49 points or 0.05 percent to 18,161.19, Nasdaq dropped 25.87 points or 0.50 percent to 5,190.10, while S&P 500 was down 6.63 points or 0.31 percent to 2,126.41.

The Indian ADRs closed mixed; Infosys was down 0.07%, ICICI Bank was down 0.07% and HDFC Bank was down 0.01%. On the other hand, Tata Motors was up 0.53% and Dr. Reddy’s Lab was up 0.27%.

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