US markets closed lower for third consecutive day

14 Apr 2017 Evaluate

The US markets closed lower on Thursday, cementing a three-day losing streak and a decline for the holiday-shortened week as investors dealt with the start of earnings season and intensifying geopolitical jitters. The US dropping the largest nonnuclear weapon in its arsenal on a complex of caves in Afghanistan did little to encourage traders into a buying mood, with stocks extending losses after reports of the bombing mission. Trading volumes were light in advance of market closures in observance of Good Friday, and ahead of Easter.

On the economy front, a gauge of consumer sentiment improved in April, as most Americans were upbeat about current conditions, although the partisan divide about the outlook for the economy remains stark. The University of Michigan said that consumer sentiment rose to 98 in a preliminary April reading, compared with March’s final result of 96.0. The sentiment report showed a barometer of consumers’ views on current conditions jumped to 115.2 in April from 113.2 in March. That’s the highest level since 2000. The gauge of consumers’ expectations improved only slightly in April to 86.9 from 86.5 in the prior month.

Meanwhile, initial jobless claims were essentially unchanged at 234,000 in early April, holding near extremely low levels that show the US labor market is going strong despite a slowdown in hiring last month. The more stable monthly average of jobless claims was somewhat higher at 247,250. The number of new applications for unemployment benefits has registered less than 300,000 for 110 straight weeks, the best performance since the 1970. The ultra-low rate of layoffs shows the labor market is still quite strong - no surprise after a record 78 months of employment gains. The US added a modest 98,000 new jobs last month after 200,000-plus gains in both January and February. The continuing jobless claims, or the number of people already collecting unemployment checks, fell by 7,000 to 2.03 million.

The Dow Jones Industrial Average lost 138.61 points or 0.67 percent to 20,453.25, the Nasdaq was down 31.01 points or 0.53 percent to 5,805.15, while S&P 500 dropped 15.98 points or 0.68 percent to 2,328.95.

The Indian ADRs closed mixed; Tata Motors was down 0.46%, Wipro was down 0.14% and ICICI Bank was down 0.07%. On the other hand, HDFC Bank was up 0.29% and Dr. Reddy’s Lab was up 0.24%.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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Fiduciary-first advisory model.
As SEBI-registered IAs, we are legally and ethically bound to act in the best interests of our clients. We do not sell or distribute any financial products. This ensures our guidance is 100% unbiased and conflict-free.
Deep fundamental research + robust valuation discipline.
Built on more than 15 years of equity research, our framework combines quality assessment, intrinsic value estimation, and a sensible margin-of-safety approach.
Process—not predictions.
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Our Approach: Ensuring compounding work its magic on client portfolio.

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Investing in stocks, mutual funds, debt, and gold
Quality-at-Reasonable-Price way of investing in stocks
Constructing Direct Stock Portfolios with Core, Booster, and Amplifier stocks
A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
Clear Buy-Sell-Hold, and Position-sizing frameworks

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