US markets closed higher on Thursday

07 Apr 2017 Evaluate

The US markets closed higher on Thursday, as investors sought clues how the leaders of the world’s economic powerhouses will tackle trade and geopolitical issues. Investors are closely watching the Trump-Xi summit amid some concerns that the two-day meeting could end in acrimonious fashion, spooking global financial markets. The mood in the market, however, remained cautious as investors awaited nonfarm-payrolls data due on Friday.

On the economy front, the number of Americans who applied for unemployment benefits last week sank by 25,000 to 234,000, marking the second-lowest level of the current economic expansion and reflecting a tight labor market in which firms say that it’s hard to find good help. The new jobless claims in the US have been under the key 300,000 threshold for 109 straight weeks, the second-longest stretch since the early 1970s. The economy has added nearly a half-million jobs in the first two months of 2017, knocking the unemployment rate down to 4.7%. Meanwhile, the four-week average of initial claims, often a more stable look at recent trends in layoffs, dropped by 4,500 to 250,000. The monthly average is also extremely low. Continuing jobless claims, or the number of people already collecting unemployment checks, fell by 24,000 to 2.03 million.

Meanwhile, John Williams, president of the San Francisco Federal Reserve Bank said it would make sense if the US economy continues to grow for the Federal Reserve to begin trimming its $4.5 trillion balance sheet towards the end of this year, unwinding extraordinary stimulus deployed during the crisis. Williams added that this process would take several years and run in parallel, albeit for longer, to increases in the Fed’s interest rates. He enlightened that Fed’s balance sheet needed to come down significantly from its current size but no decision had been made on its desired level.

The Dow Jones Industrial Average added 14.8 points or 0.07 percent to 20,662.95, the Nasdaq was up 14.47 points or 0.25 percent to 5,878.95, while S&P 500 gained 4.54 points or 0.19 percent to 2,357.49.

The Indian ADRs closed mixed; Dr. Reddy’s Lab was up 0.61%, Tata Motors was up 0.42% and Wipro was up 0.14%. On the other hand, HDFC Bank was down 0.30% and ICICI Bank was down 0.07%.

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