US markets closed mostly lower; Dow hits record high

13 Dec 2016 Evaluate

The US markets closed mostly lower on Monday, while the Dow notched the latest in a string of record close, while the S&P 500 and Nasdaq finished lower. Investors appeared reluctant to push shares higher following pronounced gains for Wall Street ahead of a key meeting by the Federal Reserve, which ends Wednesday. The central bank is widely expected to lift the target range for its federal-funds rate by a quarter of a percentage point to between 0.5% and 0.75%. That would be the first increase of 2016. On the economy front, the federal government ran a budget deficit of $137 billion in November, widening from the same month last year as the government spent more on health and other programs. The monthly deficit was more than double the amount from November 2015. When adjusting for a transaction related to benefits payments last year, however, the shortfall was just 21% higher. In November, outlays were up 25% to $337 billion. Spending was notably higher on Health and Human Services programs, especially Medicare. Receipts were down 2% from a year ago, to $200 billion. Gross corporate taxes declined by $3 billion, while individual income taxes rose by $2 billion. November is the second month of the government’s fiscal year. For the budget year that ended in September, the deficit was $587 billion, an increase of $148 billion. It was the first increase in five years.

Meanwhile, the Federal Reserve Board laid out on how US banks can apply to take five more years to comply with the Volcker Rule, a reform emerging from the 2007-09 financial crisis that has received some of the harshest criticism from Wall Street. The rule, intended to keep banks from speculating with their customers’ money, limits the amount of illiquid investments firms can hold. The Fed said it was the final grace period it could grant following three one-year extensions.

The Nasdaq was down 31.96 points or 0.59 percent to 5,412.54, S&P 500 dropped 2.57 points or 0.11 percent to 2,256.96, while Dow Jones Industrial Average added 39.58 points or 0.20 percent to 19,796.43.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.24%, HDFC Bank was down 0.20% and ICICI Bank was down 0.12%. On the other hand, Tata Motors was up by 1.06% and Wipro was up 0.01%.

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