US markets closed mixed; Dow post minor loss

19 Jan 2017 Evaluate

The US markets closed mostly higher on Wednesday, while the Dow industrials closed at the lowest level of 2017, marking a fourth straight day in the red for the blue-chip gauge, but the broader stock market managed modest gains. The Federal Reserve’s so-called Beige Book, a collection of anecdotes about the economy gathered before the central bank that makes interest-rate decisions, stated that prices pressures intensified somewhat in the last few weeks of 2016. Eight of the 12 Fed districts saw modest prices increases and the remainder saw smaller gains. Only Atlanta reported flat prices. Increases in input goods were more widespread than increases in final goods prices. Costs increases were reported for coal, natural gas, and selected building and manufacturing materials. Retailers still struggled to raise prices, and farm products stayed flat at very low levels. The majority of districts reported that labor markets were tight and many thought this trend would continue in 2017 with wage pressures likely to rise. The government reported that wage growth rose at a 2.9% annual pace in December, the fastest rate of growth since 2009. The Fed has been trying to get inflation back to its 2% target. Many on the central bank think it could happen over the next two years. Overall, the report said the economy is continuing to grow at steady, yet unspectacular, rate. The report said the economy in most of the country grew at a modest to moderate rate. Manufacturing reported increased sales in most districts, a turnaround to the weakness seen at the start of last year.

On the economy front, the consumer-price index, a widely watched gauge of inflationary pressure, showed price growth accelerated in 2016 at the fastest pace since 2011. In December, the index rose 0.3%. Excluding the volatile food and energy categories, prices rose 0.2%. The reading was in line with investor expectations and had little impact on stock futures. US industrial output accelerated last month at its strongest pace in two years. The housing-market index from the National Association of Homebuilders showed that builder sentiment slipped in January after notching its highest reading of the business cycle in December. Despite the drop, the January number was the second-highest reading of the cycle.

The Nasdaq gained 16.93 points or 0.31 percent to 5,555.66, S&P 500 was up 4 points or 0.18 percent to 2,271.89, while the Dow Jones Industrial Average lost 22.05 points or 0.11 percent to 19,804.72.

The Indian ADRs closed mixed; ICICI Bank was up 0.15%, Tata Motors was up 0.14% and Dr. Reddy’s Lab was up 0.04%. On the other hand, HDFC Bank was down 0.58% and Wipro was down 0.15%.

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