US markets gain on encouraging data

03 Aug 2013 Evaluate

The US markets edged higher on Friday, lifting the Dow industrials and S&P 500 to record closes, as bonds rallied and the dollar fell after the July jobs report fell short of forecasts. The US unemployment rate fell to 7.4% in July to mark the lowest level since the end of 2008, but the economy only gained a modest 162,000 jobs last month in another sign that the nation is still struggling to break out of a slow-growth phase. The number of new jobs created in June and May were also revised down by a combined 26,000, offering more evidence that the economy hit a soft patch in the second quarter. The unemployment rate, compiled from a separate survey of households, fell to 7.4% from 7.6% in June, mainly because more people found jobs. St. Louis Federal Reserve Bank President James Bullard suggested that central bank should wait for more data on the economy in the second half of the year before deciding whether to taper its $85 billion-a-month asset purchase program. Bullard stated that some Fed officials may wish to taper if future growth is expected to be strong. But he warned that caution is needed in taking policy action based on forecasts alone, saying that he has often been too optimistic about the pace of the recovery.

Meanwhile, the Commerce Department reported that the second quarter ended on a positive note, with consumer spending accelerating while inflation’s slowdown was arrested. The report fleshes out monthly details hidden in the quarterly data released that showed the economy expanded at a modest 1.7% annual pace in the second quarter. In June, consumers’ spending picked up, while incomes lagged a bit. The personal-consumption expenditure index, which Federal Reserve officials say is a more accurate gauge of inflation than the better-known consumer price index, rose 0.4% on the month. The core rate of inflation, which excludes food and energy prices, rose 0.2%, as expected. Additionally, Factory orders rose 1.5% in June to a seasonally adjusted annual rate of $496.7 billion, the Commerce Department stated. Shipments fell 0.4%.

The Dow Jones Industrial Average added 30.34 points or 0.19 percent to 15,658.40, the S&P 500 was up 2.80 points or 0.16 percent to 1,709.67, while the Nasdaq edged higher by 13.84 points or 0.38 percent to 3,689.59.

Indian ADRs closed mostly in red on Friday, ICICI Bank was down 1.06%, Dr. Reddy’s Laboratories was down 0.89% and HDFC Bank was down 0.34%. On the other hand, Tata Motors ended higher by 0.15% and Wipro was up 0.01%.

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