US markets rally on encouraging economic data

02 Aug 2013 Evaluate

The US markets jumped on Thursday, with the S&P 500 surpassing 1,700 for the first time, after the central banks pledged to continue stimulus efforts and data showed jobless claims falling to a five-year low, while a manufacturing index surged to a two-year high. The number of people who applied last week for new unemployment benefits fell to the lowest level since early 2008, but it was unclear whether the decline reflects an improvement in the US labor market or a seasonal quirk that often occurs in July. Initial jobless claims dropped by 19,000 to a seasonally adjusted 326,000 in the week ended July 27, marking the lowest level in five and a half years. The US manufacturers reported a big jump in activity in July, with a key index reaching its highest level in over two years, according to a report released. The Institute for Supply Management stated that its July manufacturing index surged to a reading of 55.4% vs. 50.9% in June. That’s the highest level since June 2011. Besides, the final reading of the Markit manufacturing purchasing managers index for the United States was 53.7 in July, better than the flash reading of 53.2 and up from a reading of 51.9 in June. This is the fastest rate of growth since March. Output expanded to 54.8 in July from 53.5 in the prior month.

On the other hand, the Commerce Department reported that outlays for US construction projects unexpectedly declined in June. Construction spending fell 0.6% in June to an annualized rate of $883.9 billion. But May construction spending was upwardly revised to 1.3% growth from the initial read of a gain of 0.5%. Both private and public spending fell in June.

The Dow Jones Industrial Average added 128.48 points or 0.83 percent to 15,628.00, the S&P 500 was up 21.14 points or 1.25 percent to 1,706.87, while the Nasdaq edged higher by 49.37 points or 1.36 percent to 3,675.74.

Indian ADRs closed mostly in green on Thursday, HDFC Bank was up 0.79%, ICICI Bank was up 0.28% and Wipro was up 0.17%. On the other hand, Tata Motors ended lower by 0.09% and Dr. Reddy’s Laboratories was down 0.01%.

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