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  3. US markets closed mostly lower; Dow rises to record high

US markets closed mostly lower; Dow rises to record high

13 Mar 2013 Evaluate

The US markets closed mostly lower on Tuesday, but the blue-chip Dow Jones Industrial Average staged a late-session turnaround to finish at a record high. Meanwhile, House Republicans introduced a plan to cut the deficit to $528 billion in fiscal 2014 and then to $69 billion by 2016, kicking off a debate that is expected to bring a 10-year budget proposal from Senate Democrats on Wednesday. The White House slammed the House Republican budget plan as based on faulty arithmetic and harmful to the middle class, but stated that President Barack Obama would not give up on his efforts to reach a comprehensive deal. Senate Democrats will propose a plan on Wednesday to trim the deficit by $1.85 trillion over ten years. The plan will include $975 billion in higher taxes and a matching $975 billion in spending cuts. Automatic spending cuts began to take effect March 1 after politicians failed to come to an agreement to avoid a process known as sequestration.

On the economy front, the National Federation of Independent Business stated that its small-business confidence index edged up 1.9 points to 90.8% in February, but it remained low by historical standards. Companies cited weak sales as the biggest problem. Besides, job openings at US workplaces increased to 3.69 million in January from 3.61 million in December, the US Labor Department reported. Compared with same period in the prior year, January’s job openings rose 8% -- private openings increased 7% to 3.29 million, and government openings rose 14%, reaching 400,000.

The Dow Jones Industrial Average gained 2.77 points or 0.02 percent to 14,450.10, the S&P 500 declined by 3.74 points or 0.24 percent to 1,552.48 and the Nasdaq lost 10.55 points or 0.32 percent to 3,242.32.

The Indian ADRs closed mostly in red on Tuesday, Infosys was down by 1.59%, HDFC Bank was down 1.35%, ICICI Bank was down 1.04% and Sterlite Industries was down 0.23%. On the other hand, Dr. Reddy’s Lab was up 0.23%.

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