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US markets fell for the second consecutive session

19 Apr 2013 Evaluate

The US markets fell for a second consecutive session on Thursday, as earnings from several companies failed to meet estimates. On the economy front, the Conference Board stated that the economy has lost some steam and will grow slowly in the near term, as it reported that its leading economic index ticked down in March. The LEI, a weighted gauge of 10 indicators designed to signal business-cycle peaks and troughs, declined by 0.1% last month, following three months of gains. Among the 10 indicators tracked by the Conference Board’s index, five made positive contributions in March, led by the interest-rate spread. Other positive contributions came from a leading-credit index, stock prices, manufacturers’ new orders for core capital goods and manufacturers’ new orders for consumer goods and materials. Besides, US manufacturers in the Philadelphia region continued to expand their business in April, but just barely, and companies were less eager to hire new workers. The Philadelphia Federal Reserve’s index of business conditions fell to 1.3 in April from 2.0 in March, the bank stated. Readings above zero indicate manufacturing is growing instead of shrinking.

Separately, the number of people who applied last week for new unemployment benefits appeared to stabilize after a pair of large swings, reflecting a status-quo labor market in which companies are only gradually hiring new workers. Initial jobless claims rose by 4,000 to a seasonally adjusted 352,000 in the week ended April 13. Meanwhile, three regional Federal Reserve Bank presidents stated that a further decline in US inflation below the Fed’s 2 percent goal may signal a need for more accommodation. Richmond Fed President Jeffrey Lacker and Minneapolis Fed President Narayana Kocherlakota stated that the Fed must be on its guard against falling prices. The comments echo remarks made by St. Louis Fed President James Bullard, who stated he was concerned that the Fed’s preferred measure of inflation, the personal consumption expenditures price index, increased at a 1.3% rate in February, well below the Fed’s 2% target.

Moreover, Federal Reserve Governor Sarah Bloom Raskin affirmed that Fed should press on with record easing, predicting that current policy will increasingly improve the economic outlook for low-income Americans. The Fed’s near-zero interest rate policy and asset purchases are growing more effective by supporting the housing market and spurring economic activity.

The Dow Jones Industrial Average ended down 81.45 points or 0.56 percent at 14,537.10, the Nasdaq tumbled by 38.31 points or 1.20 percent to 3,166.36 and the S&P 500 lost 10.40 points or 0.67 percent to 1,541.61.

Indian ADRs closed mixed on Thursday, ICICI Bank was up by 1.37%, HDFC Bank was up by 1.32%, Tata Motors was up 0.79%. On the flip side, Infosys was down by 0.62% and Dr. Reddy’s Lab was down 0.17%.

SEBI Registered: Investment Adviser - INA000013323

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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SEBI Registration Number:	INA000013323 Validity - May 16, 2019 - Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Warning: Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Disclaimer: Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provides any assurance of returns to investors.

Compliance Officer:

Name: Shrikant Jagtap

Email: shrikant.jagtap@moneyworks4me.com

Mobile No: +91 97638 00745

Grievance Officer:

Name: Mukta Vaze

Email: mukta.vaze@moneyworks4me.com

Mobile No:+91 98609 19463

Principal Officer:

Name: Atharva Bhide

Email: atharva.bhide@moneyworks4me.com

Mobile No:+91 91758 99463

SEBI regional/local office address -

Plot No. C 4-A , G Block, Near Bank of India, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051

Address:

The Alchemists Ark Pvt. Ltd., B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045

Data provided by Accord Fintech Pvt. Ltd.

*Color code for outperformance consistency

*Number is average 3 year rolling returns

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