US markets closed higher on Thursday

09 Dec 2016 Evaluate

The US markets closed higher on Thursday; with the Dow industrials, S&P 500 and Nasdaq notching new records, after the European Central Bank held its key rates steady but said it would taper its asset-purchase plan in April, while leaving the door open for an extension of its economic stimulus program if necessary. Early trading had been choppy in light of the multisession stock advance, which has been underpinned by Donald Trump’s election win a month ago. The street is hopeful that the Trump administration will offer policies that stimulate economic growth. The US dollar, as gauged by the ICE US Dollar Index, a measure of the greenback against half a dozen currencies, was up hovering around its 13-year highs.

On the economy front, the number of Americans who applied for unemployment benefits in early December week running from November 27 to December 3 fell by 10,000 to 258,000, keeping the pace of layoffs near the lowest level in more than 40 years as the holiday season got under way. New claims had hit a five-month high the week before, though they often swing up and down during the holiday season that stretches from Thanksgiving to early January. Initial jobless claims have been extremely low for the past two years. They fell under 300,000 in early 2015 and have remained below that key threshold for 92 straight weeks, the longest such streak since 1970. The less volatile four-week average of initial claims, seen as a more accurate measure of labor-market trends, rose by 1,000 to 252,500. Continuing jobless claims, meanwhile, declined by 79,000 and stood to 2.01 million in the week ended November 26.

Meanwhile, the net worth of US households increased in the third quarter as US stock prices and real estate values continued to flourish. Household net worth rose to $90.2 trillion over the quarter, up from a slightly downwardly revised $88.6 trillion in the previous period. Household borrowing rose at a 4.0 percent annual rate, down from a downwardly revised 4.3 percent growth rate in the second quarter of 2016.

The Dow Jones Industrial Average added 65.19 points or 0.33 percent to 19,614.81, Nasdaq was up 23.6 points or 0.44 percent to 5,417.36, while S&P 500 gained 4.84 points or 0.22 percent to 2,246.19.

The Indian ADRs closed mixed; Tata Motors was up by 1.05%, Dr. Reddy’s Lab was up 0.93% and ICICI Bank was up 0.15%. On the other hand, HDFC Bank was down 0.31% and Wipro was down 0.08%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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