US markets end higher; Dow closes at record high for seventh session

14 Dec 2016 Evaluate

The US markets closed higher on Tuesday, with the Dow Jones Industrial Average closing at a high for the seventh session in a row, as it moved within 100 points of the 20,000 milestone ahead of the Federal Reserve’s interest-rate decision. The central bank will deliver its rate announcement on Wednesday. The market is pricing in a nearly 100% chance that the Federal Open Market Committee will lift key interest rates, which leaves much attention on clues for future policy decisions. Investors would now likely focus on the updated economic forecasts and particularly the ‘dot plot’ showing policymakers’ expectations for the future path of interest rates, along with the follow-up press conference by Fed chief Janet Yellen. As far as the Fed’s forecast, officials are widely expected to improve estimates on economic growth and unemployment while slightly lifting inflation forecasts.

On the economy front, small-business sentiment jumped by the largest monthly amount in more than seven years after Republicans swept to an election victory. The National Federation of Independent Business said its small-business optimism index jumped 3.5 points to a seasonally adjusted 98.4 in November, marking the strongest monthly gain since April 2009. That is only the third time since 2007 the optimism index has broken into what’s considered above-average territory. The difference was stark when comparing responses before and after the election. The optimism index was 95.4 for those who responded before the election and 102.4 for those who responded after the election. The NFIB received responses from 724 small businesses during the month.

The Dow Jones Industrial Average added 114.78 points or 0.58 percent to 19,911.21, Nasdaq was up 51.29 points or 0.95 percent to 5,463.83, while S&P 500 gained 14.76 points or 0.65 percent to 2,271.72.

The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.36%, HDFC Bank was up 0.34% and Wipro was up 0.27%. On the other hand, Tata Motors was down by 0.44% and ICICI Bank was down 0.01%.

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