US markets end another day with record gain

12 Apr 2013 Evaluate

The US markets notched another day of record gains on Thursday, as some retailers reported improved sales, though tech stocks tumbled after a report showed PC shipments declined 14% world-wide during the quarter of 2013 versus the year-ago period. President Barack Obama and congressional Republicans are $1 trillion and a conceptual leap apart on taxes, a policy gap accentuated by the administration’s 2014 budget. Obama proposed higher taxes for top earners, estates, private-equity managers and tobacco users, wrapped inside a call for reforming tax code. Republicans instantly rejected any tax increase as unacceptable. The bipartisan consensus on lowering the corporate tax rate and curtailing some breaks goes only so far. For the first time, Obama set aside some business tax increases to pay for a future corporate rate cut and in the process showed how difficult the effort would be. The $95 billion reserve -- funded largely with tax increases on US companies’ foreign earnings -- would cover a rate reduction of about one percentage point, not the seven points sought by Obama or the 10 favored by House Republicans.

On the economy front, the new applications for unemployment benefits fell sharply last week after a spike the week before, largely reflecting seasonal quirks around Easter and spring break and signaling little change in the trajectory of a slowly mending labor market. Initial jobless claims sank by 42,000 to a seasonally adjusted 346,000 in the week ended April 30. That is the smallest number of applications in three weeks and puts claims back near the same levels that have prevailed for most of 2013. Separately, the prices paid for imported goods fell 0.5% in March, mostly because of lower fuel costs, the US Labor Department stated. The increase in import prices in February was also revised down to show a 0.6% increase instead of 1.1% as originally reported. Excluding fuel, import prices declined by 0.2% in March.

The Dow Jones Industrial Average gained 62.90 points or 0.42 percent to 14,865.10, the S&P 500 added 5.64 points or 0.36 percent to 1,593.37 and the Nasdaq edged higher 2.90 points or 0.09 percent to 3,300.16.

The Indian ADRs closed mixed on Thursday, Infosys was up 1.34%, ICICI Bank was up 0.55% and HDFC Bank was up by 0.33%. On the other hand, Dr. Reddy’s Lab was down 0.86% and Tata Motors was down 0.27%.

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