US markets closed higher on Thursday

28 Apr 2017 Evaluate

The US markets closed higher on Thursday, with tech-heavy Nasdaq composite closing at a record high. President Donald Trump downplayed the severity of a potential government shutdown, just two days shy of a deadline for Congress to reach a spending deal to avert temporary layoffs of federal workers. Congress has until on Saturday to pass a bill to fund the government or face a shutdown, which would temporarily lay off hundreds of thousands of federal workers. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy likely expanded at just a 0.2 percent annualized pace in the first quarter, following weaker-than-forecast data on durable goods orders and advance data for the goods trade balance in March. The latest first-quarter gross domestic product growth estimate was slower than the 0.5 percent rate calculated on April 18 and an initial expectation of 2.3 percent on January 30.

On the economy front, the number Americans who recently lost their jobs and sought unemployment benefits rose last week to a one-month high, though the increase appeared largely concentrated in New York state. Initial jobless claims jumped by 14,000 to 257,000. New claims in New York spiked by more than 600,000 on a raw basis, an increase that is almost certain to be reversed soon. Still, layoffs nationwide remain extremely low. Applications for unemployment benefits have registered less than 300,000 for 112 straight weeks, the longest run since the early 1970s. The more stable monthly average of jobless claims was little changed at 242,250. Continuing jobless claims, meanwhile, increased by 10,000 and stood 1.99 million. These claims reflect how many people are already receiving unemployment checks.

Meanwhile, an early look at US trade patterns in March shows a 1.4% widening in the nation’s trade deficit. The trade gap in goods - services are excluded - widened to $64.8 billion in March from $63.9 billion in February. This widening of the deficit only partially reversed a sharp narrowing in February. The goods deficit totaled $68.6 billion in January. A gauge of pending home sales declined in March as inventory continued to tighten. The National Association of Realtors’ index fell 0.8% to a reading of 111.4. The index forecasts future sales by tracking real estate transactions in which a contract has been signed, but the deal has not yet closed.

The Dow Jones Industrial Average added 6.24 points or 0.03 percent to 20,981.33, Nasdaq gained 23.71 points or 0.39 percent to 6,048.94, while S&P 500 edged higher by 1.32 points or 0.06 percent to 2,388.77.

The Indian ADRs closed mostly in green; Tata Motors was up 0.64%, HDFC Bank was up 0.49% and Wipro was up 0.06%. On the other hand, Dr. Reddy’s was down 0.84% and Infosys was down by 0.04%.

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