US markets closed higher on first trading day of 2017

04 Jan 2017 Evaluate

The US markets closed higher on the first trading day of 2017 on Tuesday, but closed off of intraday highs as oil prices turned sharply lower, puncturing some of the initial exuberance that underpinned an early rally in the Dow Jones Industrial Average. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is on track to grow at a 2.9 percent annualized pace in the fourth quarter following the latest data on inventory, spending, investments and net exports. The latest fourth-quarter gross domestic product (GDP) estimate was higher than the 2.5 percent growth rate calculated on December 22. The forecast of the contribution of inventory investment to fourth-quarter growth increased to 0.73 percentage points from 0.35 percentage points following the US Census Bureau’s advance economic indicators release on December 29.

On the economy front, American manufacturers finished 2016 on a wave of optimism, as a survey of executives hit the highest level in two years. The Institute for Supply Management said its manufacturing index climbed to 54.7% in December from 53.2%. The index is compiled from a survey of executives who order raw materials and other supplies for their companies. The gauge tends to rise or fall in tandem with the health of the economy. Eleven of the 18 US manufacturing industries surveyed by ISM reported growth. The ISM’s new-orders gauge leaped to 60.2% from 53.0%, while production index climbed 4.3 points to 60.3%. Both are also near two-year highs. The employment gauge, meanwhile, edged up to 53.1%. That’s the highest level since mid-2015. The one downside in the report - the prices companies pay for raw materials shot up to the highest level in five years.

Meanwhile, outlays for US construction projects rose 0.9 % in November, the sixth increase in the past seven months. The level of spending is now at its highest level in more than a decade. The government revised October’s result to a 0.6% rise. In November, private outlays rose 1%, while for public construction projects spending rose 0.8%. Residential spending rose 1%. Spending on nonresidential projects rose 0.9%. November spending of $1.18 trillion was 4.1% above a year ago and the highest since April 2006.

The Dow Jones Industrial Average added 119.16 points or 0.60 percent to 19,881.76, Nasdaq gained 45.96 points or 0.85 percent to 5,429.08 and S&P 500 was up by 19.00 points or 0.85 percent to 2,257.83.

The Indian ADRs closed mixed; Tata Motors was up 1.13%, Dr. Reddy’s Lab was up 0.16% and ICICI Bank was up 0.01%. On the other hand, HDFC Bank was down 1.50% and Wipro was down 0.15%.

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