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  3. US markets gain modestly before election

US markets gain modestly before election

06 Nov 2012 Evaluate

The US markets ended with modest gains on Monday, with investors reluctant to make major moves a day ahead of the US presidential election. Tech stocks ended up putting in a mostly upbeat trading session, with gains coming from the likes of Apple Inc. and Netflix Inc. Also third-quarter earnings reported by more than 75% of S&P 500 companies, 63% topped earning expectations, but just 45% reported sales that beat estimates. Besides, markets offered little reaction after the Institute for Supply Management’s non-manufacturing index declined to 54.2 last month from 55.1 in September. A measure above 50 signals expansion in industries that account for almost 90 percent of the economy. The October figure exceeded the third-quarter average. A gauge of services employment rose to a seven-month high, corroborating a report last week that showed a stronger labor market may provide more fuel for the economy.

In Europe, Greece’s prime minister is warning that the country could be forced out of the euro zone if the debt-laden country’s parliament does not approve a new round of austerity measures in a vote scheduled for Wednesday. Greece’s parliament is due to vote on a package of more than 13 billion euros in spending cuts, tax hikes and other reforms. Greece must approve the package and its 2013 budget to receive aid from the European Union and the International Monetary Fund. Besides, euro zone confidence improved in November. Spanish unemployment rose more than estimated and Hungarian manufacturing activity worsened in October.

The Dow Jones Industrial Average gained 19.28 points, or 0.15 percent, to close at 13,112.40, the S&P 500 finished up by 3.06 points, or 0.22 percent at 1,417.26, while the Nasdaq ended higher by 17.53 points, or 0.59 percent to settle at 2,999.66.

Indian ADRs closed mixed on Monday, HDFC Bank was up by 0.32%, Tata Communications was up by 0.05% and Wipro was up by 0.04%. On the other hand, Tata Motors was down 0.45%, ICICI Bank was down 0.45% and Infosys was down 0.04%.

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