US markets closed higher on hopes of Trump's pro-business policies

08 Dec 2016 Evaluate

The US markets closed higher on Wednesday, with the Dow industrials and S&P 500 notching new records. The stock market’s post-election ascent has been underpinned by hopes that Trump will follow through with a slate of pro-business policies, including boosting infrastructure spending and cutting taxes for the wealthy. Another factor that may be supporting stock gains is the belief that traditional selling patterns that occur at the end of the year aren’t being followed because investors are making bets on lower taxes under a Trump administration. On the economy front, job openings and hires were little changed in October, as the labor market remained strong. There were 5.5 million openings on the last day of October. That was down 2% from an upwardly revised 5.6 million in September. Hires were little changed at 5.1 million. The number of people who quit their job voluntarily was also little changed, at 3 million. That figure is considered a measure of worker confidence in the ability to find another job.

Meanwhile, growth of consumer borrowing continued in October but at the slowest pace since June, suggesting there may be limits on how much debt consumers are willing to take on. Total consumer credit increased $16 billion in October to a seasonally adjusted $3.7 trillion, posting an annual growth rate of 5.1%. That is the slowest monthly growth rate since the 4.8% rate in June. Credit growth has been above 6% in each of the prior three months and in six of the 10 months of 2016. The increase was also below economist estimates for a $19.3 billion gain in consumer credit in October.

The Dow Jones Industrial Average added 297.84 points or 1.55 percent to 19,549.62, Nasdaq was up 60.76 points or 1.14 percent to 5,393.76, while S&P 500 gained 29.12 points or 1.32 percent to 2,241.35.

The Indian ADRs closed mixed; Tata Motors was up by 0.92%, Infosys was up 0.32% and Wipro was up 0.09%. On the other hand, Dr. Reddy’s Lab was down 0.27% and HDFC Bank was down 0.16%.

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