US markets closed higher on Tuesday

26 Apr 2017 Evaluate

The US markets closed higher on Tuesday, with the Dow jumping by triple-digits and the Nasdaq closing above 6,000 for the first time ever, as investors welcomed upbeat earnings and the possibility of corporate tax cuts. The threat of a US government shutdown this weekend appeared to recede on Tuesday after President Donald Trump backed away from a demand that Congress include funding for his planned border wall with Mexico in a spending bill. Even if the fight over wall funding is over, Republicans and Democrats still have difficult issues to resolve as they face a Friday night deadline when existing money expires for many federal agencies.

On the economy front, US house prices continued to show no signs of slowing, hitting their highest in nearly three years as demand remains hot, especially in the Pacific Northwest and Dallas. The S&P/Case-Shiller 20-city index rose 5.9% in the three-month period ending in February compared to the same period a year ago, an acceleration from its 5.7% yearly increase in January. This is the highest rate since July 2014. The 20-city index was up 0.4% for the month, or a 0.7% gain when seasonally adjusted. The national index, which just a few months ago regained the high last seen during the housing bubble of a decade ago, rose 5.8% for the year, a 32-month high. The largest price increases are still in the Pacific Northwest, including Seattle and Portland. Dallas replaced Denver in the top three with an 8.8% increase. Only Cleveland and Tampa saw prices fall in the February period. Prices were flat in New York and Miami.

However, consumer confidence in the US dipped slightly in April, but Americans are still far more optimistic than they were before the 2016 election. The Conference Board said its consumer confidence index slipped to 120.3 last month from a 16-year-high of 124.9 in March. Americans were a bit less rosy about the current environment and what the economy will look like six months from now. Still, confidence is sharply higher compared to last October. The index surged in the wake of Donald’s Trump’s election and in March it hit the highest level since the end of 2000.

The Dow Jones Industrial Average added 232.23 points or 1.12 percent to 20,996.12, Nasdaq gained 41.67 points or 0.70 percent to 6,025.49, while S&P 500 ended higher by 14.46 points or 0.61 percent to 2,388.61.

The Indian ADRs closed mostly in green; HDFC Bank was up 2.65%, Tata Motors was up 0.46%, Dr. Reddy’s was up 0.34% and ICICI Bank was up 0.12%. On the other hand, Infosys was down by 0.05%.

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