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  3. US markets end mostly in red on Friday

US markets end mostly in red on Friday

13 May 2017 Evaluate

The US markets ended the choppy day of trade mostly in red terrain on Friday, as sentiments remained dampened following the release of a Commerce Department report showing a smaller than expected increase in retail sales in the month of April. The Commerce Department said retail sales climbed by 0.4 percent in April compared to economist estimates for 0.6 percent growth. However, the report also said retail sales inched up by a revised 0.1 percent in March versus the 0.2 percent drop originally reported. Excluding a rebound in auto sales, retail sales rose by 0.3 percent in April. A separate report from the Labor Department showed that consumer prices rebounded in line with economist estimates in the month of April. The Labor Department said its consumer price index rose by 0.2 percent in April after falling by 0.3 percent in March. Excluding food and energy prices, core consumer prices inched up by 0.1 percent in April after dipping by 0.1 percent in March. Core prices had been expected to rise by 0.2 percent. Meanwhile, the University of Michigan released a report showing a modest improvement in consumer sentiment in the month of May. The report said the preliminary reading on the consumer sentiment index for May came in at 97.7 compared to the final April reading of 97.0. Economists had expected the index to inch up to 97.3.

The Dow Jones Industrial Average slipped 22.81 points or 0.11 percent to 20,896.61 and while the S&P 500 was down by 3.54 points or 0.15 percent to 2,390.90, while the Nasdaq ended higher by 5.27 points or 0.09 percent to 6,121.23.

The Indian ADRs made a mixed closing on Thursday, Infosys gained 0.36%, HDFC Bank rose 0.14% and ICICI Bank was up by 0.04%. On the other hand Dr Reddy’s declined 0.19% and Tata Motors was down by 0.04%.

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