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  3. US markets closed at fresh record highs for second straight session

US markets closed at fresh record highs for second straight session

23 Nov 2016 Evaluate

The US markets closed higher on Tuesday, for a second straight session, with the Dow industrials and the S&P 500 also clearing noteworthy psychological barriers. Markets have been in a strong uptrend since the presidential election two weeks ago. Donald Trump’s unexpected victory was viewed as a positive for Wall Street, because the president-elect is expected to advocate for policies - including massive corporate tax cuts and financial and environmental deregulation - seen as supportive for economic growth. On the economy front, sales of previously owned homes surged to the highest in nearly ten years in October, reaffirming the strong demand that’s underpinning the housing market despite continuing headwinds. Existing-home sales ran at a seasonally adjusted annual rate of 5.60 million, 2% higher than in September and 5.9% higher than a year ago, the National Association of Realtors reported. Gains were broad-based across the country, with increases in all four regions, and September’s rate, originally reported as 5.47 million, was revised up to 5.49 million. And demand for homes was strong enough to overcome the familiar dynamic of tightening inventory that pushes prices up. There were 4.3% fewer homes on the market in October than in the same period last year, marking the 17th straight month of yearly inventory declines. The median price of $232,200 was 6% higher than in October 2015. First-time buyers made up 33% of all purchases in October, a tick lower than the 34% they represented in September, but still higher than the level they’ve been stuck at for several years.

The Dow Jones Industrial Average added 67.18 points or 0.35 percent to 19,023.87, Nasdaq was up 17.49 points or 0.33 percent to 5,386.35, while S&P 500 gained 4.76 points or 0.22 percent to 2,202.94.

The Indian ADRs closed mostly in green; HDFC Bank was up by 0.15%, Wipro was up 0.09%, Infosys was up 0.06% and ICICI Bank was up 0.06%. On the other hand, Dr. Reddy’s Lab was down 0.55%.



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