US markets closed mostly lower; Nasdaq ekes minor gain

10 Jan 2017 Evaluate

The US markets closed mostly lower on Monday, though the Nasdaq bucked the weak trend to finish at an all-time closing high for a second session in a row. On the economic front, consumer credit rose at a seasonally adjusted annual rate of 7.9%, or $24.6 billion, in November. Revolving credit like credit cards jumped 13.5% while non-revolving credit such as car and student loans climbed 5.9%.

Meanwhile, Boston Fed President Eric Rosengren stated that economic conditions have evolved and are likely to warrant ‘somewhat more regular’ increases in short-term interest rates. Rosengren had been a big support of the Fed’s ultralow monetary policy during the crisis. Rosengren said his switch to advocating more tighter monetary policy was due to the fact economic circumstances have evolved and now imply the need for a different stance of monetary policy. The Boston Fed President, who is not a voting member of the Fed policy-making committee this year, forecast that the Fed would meet its twin goals of low unemployment and a 2% annual rate of inflation by the end of the year. Atlanta Fed President Dennis Lockhart stated that the economy should expand at a moderate pace around 2% next year but expectations of higher growth are likely unrealistic. The economy today is well positioned for moderate growth and steadily improving conditions. The Atlanta Fed president said many investors seem to be anticipating improved growth prospects with the change of administration in Washington. He said he was not factoring fiscal stimulus into his forecast because of the lack of specifics.

The Dow Jones Industrial Average lost 76.42 points or 0.38 percent to 19,887.38, S&P 500 was down by 8.08 points or 0.35 percent to 2,268.90, while Nasdaq gained 10.76 points or 0.19 percent to 5,531.82.

The Indian ADRs closed mostly in green; Tata Motors was up 0.92%, Infosys was up 0.14% and ICICI Bank was up 0.08%. On the other hand, Dr. Reddy’s Lab was down 1.12% and Wipro was down 0.03%.

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