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  3. US markets closed higher; Nasdaq hits record high

US markets closed higher; Nasdaq hits record high

28 Dec 2016 Evaluate

The US markets closed higher on Monday, with the Nasdaq hitting its latest in a series of records as the market’s recent upward bias continued, helped by a gain in technology shares. Retail stocks were in focus as investors looked to the first reads on the strength of the holiday shopping season. The final trading week of the year is typically a quiet one, with light trading and few planned news events - such as central bank announcements or corporate earnings - to dictate market direction. On the economy front, consumer confidence surged in December to the highest level since 2001, reflecting an improved US economy and anticipation of the incoming Trump administration, especially among older Americans. The consumer confidence index jumped to 113.7 from a revised 109.4 in November. The post-election surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers. The price of homes in the US stayed near all-time highs in October and showed no sign of easing. The S&P Case-Shiller index climbed 0.6% in October and was up 5.1% in the past year, unchanged from the prior month. As has been the case for some time, prices have advanced most rapidly in the West, particularly in burgeoning cities such as Seattle and Portland. New York was the biggest laggard. The cost of housing has surged in part because of rising demand triggered by an improved economy as well as a shortage of homes available for sale. Higher costs have made it harder for some customers to buy homes despite still-low mortgage rates.

The Dow Jones Industrial Average gained 11.23 points or 0.06 percent to 19,945.04, Nasdaq jumped 24.75 points or 0.45 percent to 5,487.44 and S&P 500 was up by 5.09 points or 0.22 percent to 2,268.88.

The Indian ADRs closed in green; Dr. Reddy’s Lab was up 0.21%, Tata Motors was up 0.15%, HDFC Bank was up 0.06%, Wipro was up 0.06% and Infosys was up by 0.06%. 

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