US markets closed mostly higher despite slowing retail sales

14 Feb 2013 Evaluate

The US markets closed mostly higher on Wednesday, as investors weighed slowing retail sales with slightly upbeat earnings reports. US companies are beating earnings projections by the smallest margin since 2008 and most forecasts have trailed estimates. US retail sales barely grew in January, suggesting a tax increase at the beginning of the year constrained consumers. Sales rose a seasonally adjusted 0.1% last month, or by 0.2% excluding the auto sector, the Commerce Department stated. Retail sales are a good proxy for how fast the US is growing, though the street continues to look at longer-term trends because the monthly data is volatile and subject to sharp revisions. The increase in sales for December was unrevised at 0.5%, while sales in November were revised up a notch to a 0.5% gain. In all of 2012 retail sales climbed 4.1%, more than twice the rate of consumer inflation. Besides, prices paid for goods imported into the US increased 0.6% in January, led by fuel, close to expectations of a 0.7% gain, the US Department of Labor reported. Import prices have declined 1.3% over the past 12 months, indicating that imports won't be a large factor behind near-term inflation for consumers.

Meanwhile, the attorneys-general from eight states have joined a lawsuit challenging the constitutionality of regulations setting up a system to dismantle a big failing bank so its collapse doesn’t cause collateral Lehman-like damage to the economy. The attorneys-general are joining onto a lawsuit filed in federal court in June 2012 by the State National Bank of Big Spring, Texas and two conservative action groups that are challenging key parts of the Dodd-Frank Act.

The Dow Jones Industrial Average lost 35.79 points or 0.26 percent to 13,982.90, the Nasdaq added 10.38 points or 0.33 percent to 3,196.88 and the S&P 500 was up by 0.90 points or 0.06 percent to 1,520.33.

Indian ADRs closed mostly in red on Wednesday, Tata Motors was down 0.47%, Sterlite Industries was down 0.23% and Dr. Reddy’s Lab was down 0.17%. On the flip side, Infosys was up by 0.63% and ICICI Bank was up 0.08%.

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