US markets gain; Dow closes at record high

06 Mar 2013 Evaluate

The US markets gained on Tuesday, with the Dow Jones Industrial Average surging to a new high, surpassing levels reached more than five years ago, on indications of an improving US economy. The market’s four-year climb off the 2009 lows was supported by monetary stimulus from the Federal Reserve and corporate-profit expansion. The US service-sector companies grew at a slightly faster pace in February and expanded for the 39th straight month, according to the Institute for Supply Management. The ISM stated that its survey of purchasing managers - the executives who buy supplies for their companies - rose to 56% last month from 55.2% in January. Reading over 50% indicates that more companies are expanding instead of shrinking. Besides, US home prices advanced by 0.7% in January to stretch the year-on-year advance to 9.7% -- the largest year-on-year gain since April 2006, according to CoreLogic. CoreLogic’s pending home sales rise forecasts a 0.3% decline in February but a 9.7% year-on-year gain.

Separately, large US banks and the Federal Reserve have clashed over the two-part stress test release schedule adopted this year, in the latest flash point between large financial institutions and their overseers. A conference call last week between Fed officers and bank representatives ended with the central bank refusing to accommodate demands from some lenders for a one-day release of results. The first component of the release, data on how 18 large US banks will fare in an economic downturn, is slated to release after stock markets close on Thursday. The second part, the Fed’s response to buyback-and-dividend requests, is scheduled for publication a week later.

The Dow Jones Industrial Average rose by 125.95 points or 0.89 percent to 14,253.80, the Nasdaq added 42.10 points or 1.32 percent to 3,224.13 and the S&P 500 gained 14.59 points or 0.96 percent to 1,539.79.

The Indian ADRs closed in green on Tuesday, ICICI Bank was up by 1.29%, Infosys was up 0.57%, Dr. Reddy’s Lab was up 0.51%, Sterlite Industries was up 0.33% and HDFC Bank was up by 0.21%.

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