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  3. US markets fell on concern over Fed stimulus and trade deficit

US markets fell on concern over Fed stimulus and trade deficit

05 Jun 2013 Evaluate

The US markets slipped on Tuesday, as Wall Street remained on alert for clues to central-bank policy moves ahead. Esther George, president of the Kansas City Fed Bank stated that the Federal Reserve’s next step should be to reduce the size of its asset-purchase program. George added that several sectors of the economy are becoming increasingly dependent on the Fed’s current easy policy stance. George has been a critic of the Fed’s $85 billion-per-month asset purchase program, voting against it in every policy meeting so far this year. On the economy front, the US trade deficit with other nations shot up 8.5% in April, triggered by a surge in Chinese imports following the end of a major holiday season in the giant Asian country. The trade gap widened to a seasonally adjusted $40.3 billion from a revised $37.1 billion in March. Imports increased 2.4% to $227.7 billion, while exports rose a smaller 1.2% to $187.4 billion. The value of exports was however the highest in four months.

On the other hand, supported by growing demand and low inventory, home prices continued to run ahead in April, with year-over-year growth hit the fastest pace in more than seven years. Including short sales and other distressed properties, home prices in April grew 3.2% during the month and were up 12.1% from the same period in the prior year, the highest rate since February 2006.

The Dow Jones Industrial Average lost 76.49 points or 0.50 percent, to close at 15,177.50. The Nasdaq dropped 20.11 points or 0.58 percent, to end at 3,445.26, while the S&P 500 edged lower 9.04 points or 0.55 percent, to close at 1,631.38.

The Indian ADRs closed mostly in red on Tuesday, Tata Motors was down 0.29%, ICICI Bank was down 0.21% and Sterlite Industries was down 0.19%. On the other hand, Infosys was up 0.25% and Tata Communications was up 0.02%.

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