US markets closed modestly higher; Yellen signals rate hike

04 Mar 2017 Evaluate

The US markets closed modestly higher on Friday, extending weekly advance, as comments from Janet Yellen and other key Federal Reserve officials confirmed growing expectations of a March interest-rate increase. Fed-funds futures are now pricing in an 82% chance of a rate hike, according to CME FedWatch Tool. That probability was less than 20% only a week ago. Fed Chair Janet Yellen said that the Federal Reserve is set to raise its benchmark interest rate later this month as long as economic data on jobs and inflation holds up. In her comments, Yellen also said rates are likely to rise faster this year as the economy for the first time in her tenure appears clear of any imminent hurdles at home or abroad. Yellen added that the Fed’s employment goal has largely been met, and inflation is perking up. Yellen’s blunt speech reinforces comments from other Fed officials this week, including some typically dovish members, that a rate hike at the two-day meeting ending March 15 meeting was likely. Fed Vice Chairman Stanley Fischer said he was happy to see the market price in a March rate hike. The Fed vice chairman added that no economic data has come in badly in last three months.

On the economy front, the service side of the economy that employs the vast majority of Americans expanded in February at the fastest pace in a year and a half, another sign the US is growing at a steady clip early in the Trump administration. The Institute for Supply Management said its non-manufacturing index rose to 57.6% last month from 56.5% in January. The ISM production index for the service portion of the economy jumped 3.3 points to 63.6%, marking the highest rate since 2011 and the second highest level since 2004. Sixteen of the 18 service sectors tracked by the ISM expanded in February, the highest number since mid-2014.

The Dow Jones Industrial Average added 2.74 points or 0.01 percent to 21,005.71, Nasdaq was up 9.53 points or 0.16 percent to 5,870.75, while S&P 500 gained 1.2 points or 0.05 percent to 2,383.12.

The Indian ADRs closed mostly in green; Tata Motors was up 0.17%, Infosys was up 0.10% and Dr. Reddy’s Lab was up 0.04%. On the other hand, HDFC Bank was down 0.11% and Wipro was down by 0.03%.

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