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  3. US markets move higher despite mixed economic data

US markets move higher despite mixed economic data

31 May 2013 Evaluate

The US markets edged higher on Thursday, with the S&P 500 index on track for its longest monthly winning streak since September 2009, as another report cast a positive light on the US housing market. The National Association of Realtors report, pointing to housing-market growth, stated that pending sales of homes ticked up 0.3% in April, with gains in the Northeast and Midwest, but decreases in the South and the West. Despite April’s slight gain, the pending-sales gauge increased 10.3% from April 2012, hitting the highest level in three years. On the other hand, the US economy grew a touch slower in the first three months of 2013 than previously believed, mainly because of a slower buildup in inventories and a somewhat steeper drop in government spending. Gross domestic product expanded at an annual rate of 2.4% in the first quarter, down from an initial estimate of 2.5%. GDP is the broadest measure of an economy’s health, reflecting the value of all the goods and services a nation produces.

Separately, initial jobless claims increased more than expected in the latest week, raising some concern that the labor market is softening just as economists have been growing optimistic about the outlook. The number of US workers who filed new applications for unemployment benefits rose by 10,000 last week to 354,000, the Labor Department reported, a larger increase than expected.

The Dow Jones Industrial Average gained 21.73 points, or 0.14 percent, to close at 15,324.50. The Nasdaq added 23.78 points, or 0.69 percent, to end at 3,491.30, while the S&P 500 edged higher 6.05 points, or 0.37 percent, to close at 1,654.41.

The Indian ADRs closed mostly in green on Thursday, HDFC Bank was up 0.38%, Tata Motors was up by 0.34% and Infosys was up 0.27%. On the other hand, Dr. Reddy’s Lab was down 0.48% and Tata Communications was down 0.27%.

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