US markets closed higher on Thursday

16 Dec 2016 Evaluate

The US markets closed higher on Thursday, as investors adjusted to the Federal Reserve’s plan for a faster path of interest-rate increases in 2017. After a pullback following the Fed decision Wednesday, stock- indexes resumed their post-election march. The market disregarded Fed chief Janet Yellen’s view that the shift in the so-called ‘dot plot’ was small, and not all members actually agree that rates need to rise next year. On the economy front, the number of Americans who applied for unemployment benefits in early December week running from December 4 to December 10 fell by 4,000 to 254,000, reflecting the extremely low level of layoffs taking place in the economy. New claims usually swing up and down during the holiday season that stretches from Thanksgiving to early January. But they have been remarkably stable for months at levels last seen in the early 1970s. Initial claims fell under 300,000 in early 2015 and have remained below that key threshold for 93 straight weeks, the longest streak since 1970. The less volatile four-week average of initial claims, meanwhile, rose by 5,250 to 257,750. The monthly figure is seen as a less volatile measure. Continuing jobless claims rose by 11,000 to 2.02 million in the week ended Dec. 3. These claims, reported with a one-week delay, reflect the number of people already collecting unemployment checks.

Meanwhile, two gauges of manufacturing sentiment climbed in December, another indication of the upbeat corporate mood in the wake of President-elect Donald Trump’s surprise victory. The Philadelphia Fed manufacturing index in December jumped to a reading of 21.5 - the highest in two years - from 7.6 in November. The Empire State index, meanwhile, rose to a reading of 9 from 1.5 in November. Home builder confidence soared in December to a level last seen at the heights of the housing bubble as construction firms anticipated less red tape under the presidency of Donald Trump. The National Association of Home Builders said its closely-watched sentiment index surged to a reading of 70, the highest since July 2005. The gauge that tracks the traffic of prospective buyers rose six points to a reading of 53.

The Dow Jones Industrial Average added 59.71 points or 0.30 percent to 19,852.24, Nasdaq was up 20.19 points or 0.37 percent to 5,456.86, while S&P 500 gained 8.75 points or 0.39 percent to 2,262.03.

The Indian ADRs closed mixed; Wipro was up 0.18%, Tata Motors was up by 0.08% and Infosys was up 0.04%. On the other hand, Dr. Reddy’s Lab was down 0.26% and HDFC Bank was down 0.17%.

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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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