US markets gain; Dow closes above 15,000

08 May 2013 Evaluate

The US markets closed higher on Tuesday, with the Dow industrials closing above 15,000 for the first time, supported by the Federal Reserve’s three rounds of Treasury purchases as well as by corporate America’s record profits coupled with the global economic news. The US home prices climbed 1.9% in March, marking the 13th straight monthly rise and a 10.5% year-on-year gain, CoreLogic stated. Excluding distressed sales, the monthly gain was 2.4%. Only four states saw year-on-year depreciation: Delaware, Alabama, Illinois and Virginia. However, the job openings in the US eased in March from the highest level in almost five years, indicating employers are waiting to see how the economy performs as federal budget cuts take effect. Job openings at US workplaces ticked down to 3.84 million in March from 3.9 million in February. Compared with same period in the prior year, March’s job openings were almost unchanged, as private openings remained at about 3.45 million, and government openings declined to 393,000 from 396,000. Separately, US consumers increased their debt in March by a seasonally adjusted $8.0 billion, the smallest increase since last July, the Federal Reserve reported. The increase is well below February’s $18.6 billion pace and was smaller than the $16 billion increase expected.

Meanwhile, Federal Reserve officials have indicated they’re waiting to see additional evidence that recent employment gains will prove durable before trimming record stimulus. Fed Vice Chairman Janet Yellen stated that she will monitor data beyond the Labor Department’s monthly jobs report to determine whether the job market is strengthening. Janet Yellen added layoffs and discharges as a share of total employment have already returned to their pre-recession level, while the hiring rate remains depressed. Central bankers plan to keep buying $85 billion of bonds per month to facilitate labor market progress. They were prepared to raise or lower the pace as the economic outlook evolves.

The Dow Jones Industrial Average added 87.31 points or 0.58 percent at 15,056.20, the S&P 500 gained 8.46 points or 0.52 percent to 1,625.96 and the Nasdaq jumped 3.66 points or 0.11 percent to 3,396.63.

Indian ADRs closed mixed on Tuesday, ICICI Bank was up 1.20%, Infosys was up by 0.75% and HDFC Bank was up 0.71%. On the flip side, Dr. Reddy’s Lab was down 0.12% and Wipro was down by 0.03%.

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