US markets closed higher on Monday

16 May 2017 Evaluate

The US markets closed higher on Monday, as a jump in oil prices to a two-week high lifted Wall Street sentiment. Crude oil prices settled higher after energy ministers from Saudi Arabia and Russia said in a joint statement that they endorse a nine-month extension to current production cuts - three months longer than expected. The proposed extension still needs to be confirmed when the 13 members of the Organization of the Petroleum Exporting Countries gather for a closely watched meeting in Vienna on May 25. Back home, about 75 percent of S&P 500 companies that have reported quarterly results so far have beaten Wall Street expectations.

On the domestic economy front, sentiment among home builders rebounded in May, buoyed by optimistic views of demand for housing. The monthly confidence gauge from the National Association of Home Builders rose 2 points to 70, the second-highest level since the downturn. The index soared after the November election, as builders bet on more industry-friendly policies from Washington, but stumbled after initial steps from the Trump administration, like a tariff on lumber. The sub-categories within the index were also stronger in May: views of current conditions rose 2 points to 76, and views of the coming six months jumped 4 points to 79. The index of buyer traffic dipped down 1 point to 51.

On the other hand, a gauge of New York-area manufacturing slumped back into negative territory in May for the first time since Donald Trump was elected president. The Empire State manufacturing survey fell to negative 1 in May from positive 5.2 in April and far below the 16.4 reading in March. Details were also weak. The new-orders index fell 11.4 points to negative 4.4 in May, its lowest level in a year. The unfilled orders index dropped 16.1 points to negative 3.7. The Empire State is the first of the regional manufacturing surveys to be released; the Philadelphia Fed survey comes out Thursday.

The Dow Jones Industrial Average added 85.33 points or 0.41 percent to 20,981.94, Nasdaq gained 28.44 points or 0.46 percent to 6,149.67, while S&P 500 edged higher by 11.42 points or 0.48 percent to 2,402.32.

The Indian ADRs closed mostly in green; HDFC Bank was up 0.63%, Tata Motors was up 0.31%, and Wipro was up 0.04%. On the other hand, Dr. Reddy’s was down 0.19% and ICICI Bank was down by 0.07%.

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