US markets gain ahead of first quarter earnings reports

09 Apr 2013 Evaluate

The US markets edged higher on Monday, rebounding from one of their worst weeks of the year with investors viewing market drop as a buying opportunity, but the gains were slim as investors geared up for first quarter earnings reports. Alcoa Inc. will unofficially start the earnings season for the first quarter when the aluminum producer reports its results. Though announced after markets hours, Alcoa Inc.’s first-quarter profit rose 59% on one-time benefits and cost-reduction efforts, despite lower aluminum prices that cut into revenue. Meanwhile, Federal Reserve Chairman Ben Bernanke at Atlanta Fed conference stated that the US banks are stronger than they were a few years ago, thanks in part to government stress tests. Bernanke added that the decision to launch stress tests in 2009 was one of the critical turning points in the financial crisis. The stress test was designed to assess whether a bank’s reserves were adequate to withstand another crisis like the credit crunch of 2008. Bernanke added that despite complaints from the banks, the Fed would not publish the full specifications of its model used to estimate banks’ projected revenues and losses. Bernanke however voiced that the stress tests can’t cover all risks banks might face.

In Europe, Portuguese Prime Minister Pedro Passos Coelho stated that he would look for new austerity measures to keep the European Union bailout program on track after a Constitutional Court rules that some of the measures to eliminate public employee payments were discriminatory. Besides, in February industrial output in Germany increased moderately as rises in energy production and capital goods managed to offset the slowing construction sector. According to Economy Ministry data industrial output increased 0.5% in February but during the first two months of the year, output dropped 0.2% due to a 0.6% fall in production in January.

The Dow Jones Industrial Average gained 48.23 points or 0.33 percent to 14,613.50, the S&P 500 added 9.79 points or 0.63 percent to 1,563.07 and the Nasdaq edged higher 18.39 points or 0.57 percent to 3,222.25.

The Indian ADRs closed mixed on Monday, Dr. Reddy’s Lab was up 0.62%, Tata Motors was up 0.26% and HDFC Bank was up 0.21%. On the other hand, Wipro was down 0.29% and Infosys was down 0.23%.

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