US markets gain as investors embrace first-quarter earnings

10 Apr 2013 Evaluate

The US markets rose on Tuesday, lifting the Dow Jones Industrial Average to a record high, as Wall Street embraced the start of first-quarter earnings. Also with little US economic news on the calendar, investors also grappled with mixed reports on the health of the global economy. The job openings at US workplaces increased to 3.93 million in February -- the highest level since May 2008 -- from 3.61 million in January. Compared with same period in the prior year, February's job openings rose 11% -- private openings increased 12% to 3.49 million, and government openings rose 7%, reaching 440,000. On the other hand, US wholesale inventories dropped 0.3% in February and were revised down for January a sign that companies stopped stockpiling goods as rapidly, perhaps in anticipation of slower sales. Wholesale sales jumped 1.7%, however, the Commerce Department stated. At February's sales pace, the inventory-to-sales ratio fell to 1.19 months from 1.21 in January. Besides, the March small-business optimism index of the National Federation of Independent Business fell 1.3 points to 89.5. The biggest fall in the index came from a 5-point slide in expect real sales higher, followed by 4-point slides in both plans to increase employment and plans to increase inventories.

Meanwhile, the International Monetary Fund has stated that, inflation is likely to remain stable as the global recovery strengthens, freeing central banks to spur growth with easy-money policies. The IMF has long argued central banks need to provide financial oxygen to help revive anemic growth, giving governments’ breathing room to cut spending and curb their debts. But it hadn’t addressed worries that too much central bank fuel could light a fire under inflation.

The Dow Jones Industrial Average gained 59.98 points or 0.41 percent to 14,673.50, the S&P 500 added 5.54 points or 0.35 percent to 1,568.61 and the Nasdaq edged higher 15.61 points or 0.48 percent to 3,237.86.

The Indian ADRs closed mixed on Tuesday, Tata Motors was up 0.48%, ICICI Bank was up 0.46% and Sterlite Industries was up 0.15%. On the other hand, Wipro was down 1.01% and Infosys was down 0.32%.

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