US markets closed mostly lower; Dow post modest gain

27 Jan 2017 Evaluate

The US markets closed mostly lower on Thursday, while the Dow Jones Industrial Average extended its run into the record books. The election of Donald Trump and his pro-business policies have been part of the impetus for higher highs in equities, but investors also have been closely following corporate earnings to gauge if stock valuations are justified. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy likely grew at a 2.9 percent annualized pace in the fourth quarter of 2016. The latest fourth-quarter gross domestic product estimate was a tad higher than the 2.8 percent growth rate forecast on January 18. The Atlanta Fed’s estimate for fourth-quarter growth has bounced in a range of 2.4 percent to 2.9 percent since October 31. The forecast of the contribution of inventory investment to fourth-quarter growth rose to 0.94 percentage point from 0.74 point, while the forecast of the drag of net exports on GDP increased to 0.64 point from 0.55 point.

On the economy front, the number of Americans who applied for unemployment benefits climbed by 22,000 to a one-month high of 259,000 in the week stretching from January 15 to January 21, but the level of layoffs remained extremely low. Despite the sharp increase, new claims came in under the key 300,000 thresh-hold for the 99th straight week, a streak last repeated in 1970 that shows no sign of ending. The economy had created more than 2 million jobs for six straight years to pull the unemployment rate below 5%. The less volatile four-week average of initial claims fell by 2,000 to 245,500. Continuing jobless claims rose by 41,000 to 2.1 million in the week ended January 14.

Separately, there are signs the US economy is accelerating, according to two indicators released. The Conference Board’s leading economic index grew 0.5% in December, marking the fourth straight rise. Separately, Markit reported that its flash reading of services purchasing managers index rose to 55.1 in January from 53.9 in December, which is the highest reading in more than a year.

The Nasdaq lost 1.16 points or 0.02 percent to 5,655.18, S&P 500 was down by 1.69 points or 0.07 percent to 2,296.68, while the Dow Jones Industrial Average added 32.40 points or 0.16 percent to 20,100.91.

The Indian ADRs closed mostly in red; Infosys was down 0.21%, Wipro was down 0.12% and Tata Motors was down 0.03%. On the other hand, HDFC Bank was up 0.34% and ICICI Bank was up 0.03%.

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