US markets climb ahead of Fed meeting

18 Jun 2013 Evaluate

The US markets climbed on Monday, with the Dow industrials extending its triple-digit moves into a fifth session, as investors latched onto any clues ahead of Wednesday’s monetary-policy decision by the Federal Open Market Committee. Nevertheless it appears investors aren’t worried about Fed chairman Ben Bernanke announcing any tapering this week, they are likely to remain on edge until they hear more details about the Fed’s future plans. The Fed will begin two-day meeting on Tuesday, with Bernanke slated to speak at a press conference after the Wednesday decision. The Fed’s bond buying program, known as quantitative easing, has been widely credited as the major factor driving stocks higher over the past few years. On the economy front, the Empire State manufacturing index improved modestly in June, although the details remained weak, the New York Federal Reserve Bank stated. The Empire State index rose to 7.8 in June from negative 1.4 in the prior month. The key new orders sub-index fell to negative 6.7 from negative 1.2 and shipment slipped to negative 11.8 in June from flat in May. Labor market conditions also worsened in the month. The report showed that optimism about activity six months ahead continued to wane.

Meanwhile, a gauge of confidence among home builders jumped up in June, hitting the highest level since 2006, on more optimistic views about future and current sales, according to the National Association of Home Builders/Wells Fargo. The overall builder-confidence index rose to 52 in June -- the first time the index has reached above a key reading of 50 since 2006 -- from 44 in May. Readings above 50 signal that builders, generally, are optimistic about sales trends.

The Dow Jones Industrial Average added 109.67 points or 0.73 percent, to close at 15,179.80, S&P 500 edged higher by 12.31 points or 0.76 percent, to close at 1,639.04 while Nasdaq gained 28.58 points or 0.83 percent, to end at 3,452.13.

The Indian ADRs closed mostly in green on Monday, ICICI Bank was up 0.69%, Tata Motors was up 0.32% and Infosys was up 0.20%. On the other hand, Dr. Reddy’s Lab was down 1.25% and HDFC Bank was down by 0.24%.

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