US markets closed lower on Thursday

03 Mar 2017 Evaluate

The US markets closed lower on Thursday, as weak financial shares dragged on the market and on some profit taking. Major indexes had posted their biggest gains in months on Wednesday, with both the S&P 500 and the Nasdaq posting largest one-day rally since November 7, while the Dow posted its best advance since December. Investors will be looking for more hints on the Fed’s plans for interest rates from the central bank’s chairwoman, Janet Yellen, who will deliver a speech on Friday. Fed Governor Lael Brainard said that an improving global economy and a solid US recovery mean it will be appropriate soon for the Federal Reserve to raise US interest rates, adding an important voice to the chorus of officials signaling rates may rise as soon as mid-March. Brainard was a key voice throughout 2015 and 2016 in warning that trouble in Europe and slower-than-expected growth in China could hurt the United States, an argument that helped slow the Fed’s expected pace of tightening. Coupled with the comments of other Fed officials in recent days, and looking ahead to remarks by Fed chair Janet Yellen, Brainard’s comments will likely help cement sentiment that a rate increase when the Fed meets in two weeks is now the assumed outcome.

On the economy front, the number of Americans who applied for unemployment benefits near the end of February fell by 19,000 to 223,000, setting a fresh post-recession low and illustrating the strength of the US labor market. New claims, a measure of layoffs, have now been below the key 300,000 threshold for 104 straight weeks. The less volatile four-week average of initial claims dropped by 6,250 and stood at 234,250. That’s the lowest level since April 1973. Continuing jobless claims, meanwhile, rose by 3,000 to 2.07 million in the week ended February 18.

The Dow Jones Industrial Average lost 112.58 points or 0.53 percent to 21,002.97, Nasdaq was down 42.81 points or 0.73 percent to 5,861.22, while S&P 500 dropped 14.04 points or 0.59 percent to 2,381.92.

The Indian ADRs closed mostly in red; HDFC Bank was down 1.21%, Dr. Reddy’s Lab was down 1.00% and ICICI Bank was down 0.16%. On the other hand, Tata Motors was up 0.80% and Wipro was up by 0.01%.

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