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  3. US markets made a mixed closing on report of drop in factory orders

US markets made a mixed closing on report of drop in factory orders

05 Jun 2012 Evaluate

The US market closed flat on Monday, as a worsening outlook for the global economy strived with stimulus hopes from central bank. Investors are growing sure that the Federal Reserve and European Central Bank could pump more monetary stimulus into the economy after the US factory orders showed a surprise drop, adding to souring sentiment about domestic growth. The factory orders fell in April after a big drop in March in another warning sign for the US economy, but much of the decline stemmed from lower oil prices. The Commerce Department stated that orders for goods produced in US factories decreased 0.6% in April. The orders in March were revised down to a 2.0% decline from an initial reading of a 1.5% drop. It’s the first consecutive decrease in factory orders in more than three years.

In Europe, Germany has signaled it may be willing to embrace ideas it has so far opposed - such as common euro-zone bonds and mutual support for European banks - if other European nations in turn give up more sovereignty to European Union institutions. Separately, Germany’s Der Spiegel magazine reported that Berlin is pressing Spain to accept aid from the European Financial Stability Facility that would be used to inject liquidity in its banking sector, but Spain has resisted the calls.

The Dow Jones Industrial Average lost 17.11 points, or 0.14 percent, to close at 12,101.50. The S&P 500 gain 0.14 points, or 0.01 percent, to finish at 1278.18, while the Nasdaq was up by 12.53 points, or 0.46 percent, to settle at 2760.01.

The Indian ADRs closed mostly in green; Infosys Technologies was up 0.51%, HDFC Bank was up by 0.49% and ICICI Bank was up by 0.24%. On the flip side, Dr. Reddy’s Lab was down 0.54% and Sterlite Industries was down 0.05%.

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