US markets closed higher on French voting result

25 Apr 2017 Evaluate

The US markets closed higher on Monday with major indexes advancing more than 1% and the tech-heavy Nasdaq scoring a record high close following a strong showing by centrist Emmanuel Macron in the French presidential election. A closely watched gauge of expected stock-market volatility saw its biggest one-day plunge in more than 5 ½ years, as a global relief rally sent equities soaring following a first-round French presidential election result that helped to reduce fears of political and diplomatic turmoil that could threaten the survival of the euro and the European Union. Investors were also waiting to hear more about a massive US tax package that President Donald Trump said is coming this week, which could revive the so-called ‘Trump trade’ that started after his election in November, and which came on hopes that policies seen as pro-growth would swiftly pass Congress.

On the economy front, US hiring softened last month by enough to yank down a measure of national economic activity released by the Chicago Federal Reserve. The Chicago Fed national activity index eased to a positive 0.08 in March from a positive 0.27 in February. The index’s three-month moving average, which tends to offer a clearer picture of the trend in economic activity than the volatile monthly reading alone, decreased to a positive 0.03 in March from a positive 0.16 in February. The three-month average did remain positive for the fourth consecutive month. The index is a weighted average of 85 economic indicators, designed so that zero represents trend growth and a three-month average below negative 0.70 suggests a recession has begun.

The Dow Jones Industrial Average added 216.13 points or 1.05 percent to 20,763.89, Nasdaq gained 73.3 points or 1.24 percent to 5,983.82, while S&P 500 ended higher by 25.46 points or 1.08 percent to 2,374.15.

The Indian ADRs closed mostly in red; Tata Motors was down 0.47%, Dr. Reddy’s was down 0.17%, HDFC Bank was down 0.16% and Wipro was down 0.15%. On the other hand, Infosys was up by 0.01%.

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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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