US markets closed lower; S&P marks 8th straight session of fall

04 Nov 2016 Evaluate

The US markets closed lower on Thursday, marking the S&P 500’s longest losing streak since the depths of the financial crisis, as investors fretted over election uncertainty. The losses marked the eighth session in a row that the S&P 500 closed lower, matching its longest losing streak since October 2008. Investors have been unnerved by signs the US presidential race between Democrat Hillary Clinton and Republican Donald Trump is tightening, after Clinton had until recently been thought to have a clear lead. The CBOE Volatility Index, a gauge of near-term investor anxiety, climbed to its highest level in more than four months.

On the economy front, the number of people who applied for unemployment benefits for the week stretching from October 23 to October 29 rose by 7,000 to a three-month high of 265,000, but the rate of layoffs in the U.S. remains extremely low. New claims fell to a 43-year low of 246,000 in early October before heading higher. Still, initial claims have been below the key 300,000 threshold for 87 straight weeks, a steak last accomplished in 1970. The less volatile four-week average of initial claims, seen as a more accurate measure of labor-market trends, rose by 4,750 to 257,750. Continuing jobless claims fell by 14,000 to 2.03 million in the week ended October 22. The Institute for Supply Management said its non-manufacturing index fell to 54.8% last month from 57.1% in September, which marked an 11-month high. Production and new orders both moderated in October, though each were growing at very health rates. A gauge that measures employment posted the biggest decline, down 4.1 points to 53.1%. Any reading over 50% signals that more businesses are expanding instead of contracting.

On the other hand, American firms and employees boosted their productivity in the third quarter for the first time in 2016, but the longer-term trend is still a poor one that bodes ill for the US economy. Productivity jumped at an annual 3.1% pace in the three months covering July through September. That’s the first gain since the fall of 2015 and largest advance in two years. Output of goods and services - the stuff workers make or provide - shot up 3.4% in the third quarter. The amount of time employees worked, however, only edged up 0.3%.

The Dow Jones Industrial Average lost 28.97 points or 0.16 percent to 17,930.67, Nasdaq dropped 47.16 points or 0.92 percent to 5,058.41, while S&P 500 was down 9.28 points or 0.44 percent to 2,088.66.

The Indian ADRs closed in red; Dr. Reddy’s Lab was down 1.98%, HDFC Bank was down 0.63%, Infosys was down 0.20%, Wipro was down by 0.15% and Tata Motors was down 0.07%.

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