US markets recover from early losses to close higher on Monday

05 Mar 2013 Evaluate

The US markets edged higher on Monday, with the Dow Jones Industrial Average closing at its second-highest level ever, after strength in defensive stocks shook off early morning losses following a measure to cool China’s real-estate bubble. The Chinese authorities announced new property-buying restrictions, including higher down payments and mortgage rates on second homes in cities that have seen steep increases in property prices. Authorities also imposed a 20% capital gains tax on sales of existing homes. Besides in US, automatic spending cuts kicked in on Friday as politicians were unable to come up with an agreement to avoid them by coming up with a long-term deficit reduction plan. However, Republican congressional leaders stated that they would continue to insist that deficit reduction should come exclusively through spending cuts, rejecting calls by Democrats and the White House for a mix of spending cuts and tax increases. Republican leaders insisted they won’t relent in their goal to reduce government spending or shut off a so-called sequester that will require tens of billions in cuts over the next six months and beyond. Under a law passed two years ago, the federal government is required to slice as much as $85 billion in spending in the fiscal year that ends in September.

Besides, a key member of the Federal Reserve Vice Chair Janet Yellen gave her clear support for continuing the central bank’s policy of buying bonds at current levels. Yellen is seen as a possible replacement for Fed Chairman Ben Bernanke if he steps aside when his second term ends in January 2014. Yellen’s comments add weight to the idea that Fed will maintain an $85 billion-a-month bond purchase program at its next meeting on March 19-20.

The Dow Jones Industrial Average rose by 38.16 points or 0.27 percent to 14,127.80, the Nasdaq added 12.29 points or 0.39 percent to 3,182.03 and the S&P 500 gain 7.00 points or 0.46 percent to 1,525.20.

The Indian ADRs closed mixed on Monday, Dr. Reddy’s Lab was up 0.43%, ICICI Bank was up by 0.29% and Tata Communications was up by 0.07%. On the flip side, HDFC Bank was down by 0.41% and Infosys was down 0.39%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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