US markets eke out modest gains

20 Dec 2016 Evaluate

The US markets closed lower on Friday, with investors somewhat reluctant to make big bets in a preholiday week, while the main benchmarks were sitting near all-time highs set last week. Trading volumes were thinner than usual, with the New York Stock Exchange reporting volume at 60% of the 30-year average. Some still believe the stock markets may not get a so-called Santa Claus rally in the last trading days of 2016 because of the intensity of its recent rise. The blue-chip index has outperformed other benchmarks year to date, after marking the longest weekly run of gains since November 2015 last week. In her first speech after raising interest rates for only the second time this decade, Federal Reserve Chairwoman Janet Yellen stated that signs of a healthy job market abound, including steady job creation, a low layoff rate and more job openings. But Yellen also noted the economy is growing more slowly than in past recoveries and productivity growth has been disappointing.

On the economy front, activity in the US services sector unexpectedly fell in December, dampening optimism over the state of the US economy. In a report, market research group Markit said that its flash services purchasing managers’ index (PMI) fell to 53.4 in December, from the prior month’s reading of 54.6. On the index, a reading above 50.0 indicates expansion, below indicates contraction. Services make up approximately 80% of the US economy which makes the data key for interpreting growth. The report highlighted that despite the fact that business activity growth eased to a three-month low, there was a robust improvement in new work and job creation hit a nine-month high.

The Dow Jones Industrial Average added 39.65 points or 0.20 percent to 19,883.06, Nasdaq was up 20.28 points or 0.37 percent to 5,457.44, while S&P 500 gained 4.46 points or 0.20 percent to 2,262.53.

The Indian ADRs closed mostly in red; HDFC Bank was down 0.80%, Dr. Reddy’s Lab was down 0.23%, Tata Motors was down 0.03% and Infosys was down 0.03%. On the other hand, Wipro was up 0.02%.

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