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  3. US markets end mostly in green ahead of Fed meet

US markets end mostly in green ahead of Fed meet

31 Jul 2013 Evaluate

The US markets ended mostly flat on Tuesday, with the Nasdaq Composite positioned for its best monthly performance since January 2012, as investors mostly adopted a cautious tone a day ahead of a monetary-policy decision from the Federal Reserve. Fed Chairman Ben Bernanke has suggested only that the slowdown of purchases is likely later this year. Markets are expected to hang on every word change in the Fed statement on Wednesday to see whether the Fed adds more clarity to the timing. While some on the Fed will press for more transparency about the tapering, the center is not certain that it will start to taper in September and will not want to cement in a September move.

On the economy front, consumer confidence fell slightly in July, one month after touching a five-year high, but Americans’ views of the economy suggest growth could strengthen in the months ahead. The consumer confidence index dipped to 80.3 from upwardly revised 82.1 in June, the Conference Board stated. The decline in consumer confidence in July stemmed entirely from a somewhat less optimistic view of the next six months. The so-called expectations index dropped to 84.7 from 91.1. On the other hand, US home prices continued to accelerate in May, with Dallas and Denver now at record levels. The S&P/Case-Shiller 20-city composite jumped 2.4% in May to take the year-on-year change to 12.2%. The gains in May largely precede a spike in interest rates that may dampen demand.

The Dow Jones Industrial Average lost 1.38 points or 0.01 percent to 15,520.60, the S&P 500 added 0.63 points or 0.04 percent to 1,685.96, while the Nasdaq edged higher by 17.33 points or 0.48 percent to 3,616.47.

Indian ADRs ended mostly in red on Tuesday, Dr. Reddy’s Laboratories was down by 1.75%, HDFC Bank was down 1.69%, ICICI Bank was down 1.21% and Tata Motors ended lower by 1.09%. On the other hand, Wipro was up 0.07%.

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