US markets close higher for third straight session

14 Feb 2017 Evaluate

The US markets closed higher on Monday, with major indexes closing at record highs for a third session in a row, as financial and industrial stocks paved the way to higher ground. This extended gain is due to a confluence of a few factors, including the earnings recession being over, a very strong bull market, and the hope for future prosperity under the pro-growth policies of the new administration. Gains have been pronounced since Donald Trump’s presidential election victory in November, and the latest move higher was pegged to the president hinting that he would announce a tax plan in the near term. Banks have been the biggest beneficiaries of the postelection rally, with investors betting they will benefit from both deregulation and an environment with rising interest rates. Industrial stocks have gained on hopes that a massive infrastructure deal, which Trump also touted during the campaign, would increase demand for the sector. Investors may get some additional market-moving news on Tuesday with Federal Reserve Chairwoman Janet Yellen to testify to the Senate Banking Committee where it is largely expected to reiterate the central bank’s cautious stance on monetary policy.

Meanwhile, Dallas Federal Reserve Bank President Robert Kaplan said that the US central bank should act soon to raise rates, or risk having to abandon its plan to do so slowly. Kaplan added that moving sooner rather than later will make it more likely that future removals of accommodation can be done gradually - that is, reduce the likelihood that the Fed will get ‘behind the curve’ and feel the need to remove accommodation more rapidly. Kaplan did not say when he hopes the next interest rate rise will be and also said he sees scope for further job growth without threat of overheating the economy. But, he said, leaving rates low for too long can create distortions in investment and hiring and penalizes savers.

On economy front, a measure of US inflation expectations rose for a second straight month in January to its highest level since mid-2015, according to a Federal Reserve Bank of New York survey released showed that reinforced the view that interest rates would keep climbing. The survey of consumer expectations, an increasingly influential gauge of prices for the US central bank, found that year-ahead inflation expectations increased to 3.0 percent, from 2.8 percent in December and 2.5 percent in November.

The Dow Jones Industrial Average added 142.79 points or 0.70 percent to 20,412.16, the Nasdaq was up 29.83 points or 0.52 percent to 5,763.96, while S&P 500 gained 12.15 points or 0.52 percent to 2,328.25.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.74%, Tata Motors was down 0.67% and ICICI Bank was down 0.05%. On the other hand, Infosys was up 0.15% and Wipro was up 0.11%.

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