US markets closed higher on Tuesday

21 Dec 2016 Evaluate

The US markets closed higher on Tuesday, with the Dow and Nasdaq hitting their latest in a series of records, as the market’s recent upward trend - led by a rally in bank stocks - continued unabated. The market’s gains have been largely uninterrupted of late, with investors mostly shaking off Monday’s attacks in Berlin and Ankara. The modest returns put the Dow within striking distance of the psychologically important milestone of 20,000, but meager trading and a dearth of market-moving events, such as economic data, provided little impetus for a breakout into the record books. The industry has been a strong performer since the election, with investors betting that Trump will advocate for industry deregulation at a time when interest rates are already expected to rise, providing two concurrent tailwinds.

Meanwhile, Federal Reserve (Fed) Bank of San Francisco president John Williams revealed that his decision to vote for a rate hike at the December meeting was unaffected by the election of Donald Trump for the US presidency and said that future fiscal policy have little impact on current Fed policy outlook. Williams added that it was appropriate to tighten monetary policy this month was due to the prior drop in unemployment, the uptick in core inflation and signs of good momentum such as job growth. When asked about the effect of fiscal policy on rate moves, Williamson insisted that the Fed was focused on their dual mandate of maximum employment and price stability. He explained that the past few years have seen some big shocks to the US economy come from across the globe and stressed that it was important to remain focused on the Fed’s goals and react to the data. Williams suggested that the risks used to be balanced or perhaps on the soft side because of global developments and other factors that could weaken growth.

The Dow Jones Industrial Average added 91.56 points or 0.46 percent to 19,974.62, Nasdaq was up 26.50 points or 0.49 percent to 5,483.94, while S&P 500 gained 8.23 points or 0.36 percent to 2,270.76.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.32%, ICICI Bank was down 0.02% and Wipro was down 0.01%. On the other hand, HDFC Bank was up 0.41% and Infosys was up 0.06%.

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