US markets end higher after a volatile day of trade

04 Jun 2013 Evaluate

The US markets climbed higher on Monday, bouncing back from weekly losses as investors gauged the impact of disappointing factory data on potential quantitative-easing moves by the Federal Reserve. The Institute for Supply Management released a report showing that its index of activity in the manufacturing sector fell to 49.0 in May from 50.7 in April, with a reading below 50 indicating a contraction in activity. However, the final reading of Markit’s manufacturing purchasing managers index picked up to 52.3 in May from a six-month low of 52.1 in April. Markit stated that PMI was consistent with only a modest rate of growth. The initial estimate of May was for a reading of 51.9, which was the lowest reading since last October. Meanwhile, Federal Reserve Bank of Atlanta President Dennis Lockhart stated that central bank remains committed to record stimulus, saying any adjustment is not a major policy shift. Lockhart, who is a nonvoting member of the Federal Open Market Committee this year, also noted that economic data are still very mixed.

On the other hand, construction spending rose 0.4% in April to a seasonally adjusted annual rate of $860.8 billion. Spending in April was 4.3% higher than the same period in 2012. Additionally, strong demand for new pickup trucks and sport utility vehicles boosted sales in May for major auto makers in the US. Among auto makers reporting May US sales so far, the results were mixed - with some companies reporting strong growth from a year ago, and others less dramatic improvements. On the other hand, executives at American manufacturing companies reported sharply lower orders in May and the biggest contraction in their business in almost four years, according to a survey released. The Institute for Supply Management’s index declined for the third straight month, falling to 49.0% from 50.7% in April. Any number below 50% signals that business is shrinking instead of growing.

The Dow Jones Industrial Average gained 138.46 points or 0.92 percent, to close at 15,254.00. The Nasdaq added 9.45 points or 0.27 percent, to end at 3,465.37, while the S&P 500 edged higher 9.68 points or 0.59 percent, to close at 1,640.42.

The Indian ADRs closed mostly in green on Monday, Infosys was up 1.68%, Dr. Reddy’s Lab was up 1.12% and Tata Motors was up 0.10%. On the other hand, ICICI Bank was down 0.86% and HDFC Bank was down 0.79%.

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