US markets gained on good economic reports and Gaza cease-fire

22 Nov 2012 Evaluate

The US markets gained on Wednesday climbing to two-week highs, with the S&P 500 Index and Nasdaq Composite extending gains into a fourth session on good economic reports and after a cease-fire deal was reported in the Gaza Strip. Israel and the Palestinian militant group Hamas agreed to bring to an end more than a week of air strikes and missile attacks, after talks brokered by Egypt’s Islamist leaders and the US. The Conference Board reported it’s likely that US economy will continue to modestly expand through early 2013. The leading economic index rose 0.2% in October after increasing a downwardly revised 0.5% in September, according to New York-based research group. Besides, consumer sentiment inched up in November to the best reading in over five years, as worries about possible cuts to government spending and increases to taxes were offset about optimism for the jobs market. Consumer sentiment in November gained slightly to a reading of 82.7 but wasn’t as strong as initially estimated.

Separately, the first-time applications for unemployment benefits declined sharply last week, government data showed, but the number of new claims filed remains at high levels due to the aftereffects of Hurricane Sandy. The initial jobless claims dropped by 41,000 to a seasonally adjusted 410,000 in the week ended November 17, the Labor Department stated.

In Europe, the meeting of euro zone finance ministers, the International Monetary Fund and European Central Bank in Brussels was inconclusive and the decision was postponed to the next meeting scheduled on November 26 to release the next tranche of bailout funds to Greece. Besides, several German lawmakers who attended the closed-door meeting held by German finance minister Wolfgang Schaeuble stated that Greece may have unsustainable debt load and additional two years may not be enough. Not all lenders are convinced that Greece should be given additional time. In addition, investors are not clear how Greece will fund its 14 billion euro of debt repayment between now and the end of 2014. Separately, the Bank of England policymakers through a split vote retained the quantitative easing program at £375 billion as well as voted unanimously to keep the interest rate at 0.5%, according to the minutes of the meeting held on November 7 and 8.

The Dow Jones Industrial Average gained 48.38 points, or 0.38 percent, to close at 12,836.90, the S&P 500 finished up by 3.22 points, or 0.23 percent at 1,391.03, while the Nasdaq ended higher by 9.87 points, or 0.34 percent to settle at 2,926.55.

Indian ADRs closed mixed on Wednesday, HDFC Bank was up by 1.19%, ICICI Bank was up 0.51% and Infosys was up 0.31%. On the other hand, Tata Communication and Tata Motors were both down 0.15% respectively.

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