US markets closed mostly lower; Nasdaq ekes out minor gain

17 May 2017 Evaluate

The US markets closed mostly lower on Tuesday, while Nasdaq closed at a record for a second session in a row, and the Dow industrials and S&P 500 finished fractionally lower amid political uncertainty in the US. Investors were also assessing reports that Trump had shared sensitive intelligence obtained from a close US ally with Russia’s foreign minister and ambassador. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is forecast to expand at a 4.1 percent annualized pace in the second quarter following the release of April figures on housing starts and industrial output. The latest second-quarter gross domestic product estimate was faster than the 3.6 percent reading calculated on May 12.

On the economy front, the pace of home construction eased in April as builders took a breather after a strong start to the year. Housing starts ticked down 2.6% to a 1.17 million annual pace, and stood just 0.7% higher than in the same month last year. Permits fell 2.5% to a 1.23 million pace in April. That was 5.7% higher than a year ago. Builders broke ground on more single-family homes in April: starts of single-family homes ran at a pace of 835,000 in April. That’s a sign builders see an improvement in homeownership, since the majority of multi-family units are built for rent.

Separately, industrial production in April grew at the fastest monthly rate in more than three years, on the back of broad-based gains in the manufacturing sector. The Federal Reserve said that industrial production grew 1% in April. This is the fastest pace of growth since February 2014. March’s increase was revised down slightly to a 0.4% rise from an initially reported 0.5% gain. But industrial output has been up for three straight months. Compared with a year ago, production was up 2.2%. Capacity utilization rose to a 20-month high of 76.7% in April from 76.1% in March. This is still below the cycle-high of 79.2 hit in November 2014.

The Dow Jones Industrial Average lost 2.19 points or 0.01 percent to 20,979.75, S&P 500 edged lower by 1.65 points or 0.07 percent to 2,400.67, while Nasdaq gained 20.2 points or 0.33 percent to 6,169.87.

The Indian ADRs closed mostly in green; Dr. Reddy’s was up 2.09%, HDFC Bank was up 0.91%, ICICI Bank was up by 0.17% and Tata Motors was up 0.14%. On the other hand, Infosys was down 0.16%.

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