US markets gain with ECB rate cuts and as jobless-claims drop to five-year low

03 May 2013 Evaluate

The US markets edged higher on Thursday, with the S&P 500 clearing the prior day’s drop to close at a record, after the European Central Bank cut its benchmark interest rate and US jobless claims unexpectedly declined to a five-year low. The European Central Bank’s governing council reduced the primary refinancing rate to 0.5% from 0.75%, as anticipated. The ECB move comes a day after the Federal Reserve stated that it would continue buying $85 billion in bonds each month, but was ready to increase or cut the amount, depending on the economy. Meanwhile, fewest Americans in more than five years applied for new unemployment benefits last week, a surprising decline that may reflect seasonal quirks more than a sudden improvement in the jobs market. Initial jobless claims - a rough gauge of layoffs - sank by 18,000 to a seasonally adjusted 324,000 in the week ended April 27, the Labor Department stated. That’s the lowest level since January 2008.

Besides, the workers and businesses in US improved their productivity in the first quarter after a sharp drop in the waning months of 2012. The productivity rose at a 0.7% annual rate from January through March following a revised 1.7% decline in the fourth quarter. The level of productivity is perhaps the most critical gauge of a nation’s well-being. Additionally, the US trade deficit narrowed sharply in March, helped again by a declining appetite for imported oil and a major holiday in China. The nation’s trade deficit narrowed 11% in March to $38.8 billion from $43.6 billion in February, the Commerce Department stated. This is the second sharp drop in the deficit in the past four months.

The Dow Jones Industrial Average added 130.63 points or 0.89 percent at 14,831.60, the S&P 500 gained 14.89 points or 0.94 percent to 1,597.59 and the Nasdaq jumped 41.49 points or 1.26 percent to 3,340.62.

Indian ADRs closed mostly in green on Thursday, Infosys was up 1.03%, HDFC Bank was up 0.88%, ICICI Bank was up 0.37% and Sterlite Industries was up 0.16%. On the flip side, Dr. Reddy’s Lab was down 0.20%.

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