US markets end mostly lower on Fed official’s remark

06 Aug 2013 Evaluate

The US markets edged mostly lower on Monday, with benchmark index pulling away from record highs, as Wall Street considered a report indicating better-than-expected growth in the service sector and a Fed official’s remarks that the central bank is closer to curbing its asset purchases. Fed Bank of Dallas President Richard Fisher, one of the more ardent critics of quantitative easing, stated that investors should not count on the Fed to continue its $85 billion in monthly bond purchases indefinitely. Fisher added that with the unemployment rate having come down to 7.4%, Fed is now closer to execution mode, pondering the right time to begin reducing its purchases, assuming there is no intervening reversal in economic momentum in coming months. Fisher raised concern that Fed does not seem to have achieved much in terms of job creation with the trillions of dollars it poured into the economy.

On the economy front, US service-sector companies expanded at sharply faster pace in July. According to the Institute for Supply Management, the survey of purchasing managers - the executives who buy supplies for their companies - climbed to 56.0% last month from 52.2% in June. That’s the highest level since February. The ISM’s new-orders index increased to 57.7% from 50.8% and production surged to 60.4% from 51.7%, but the employment gauge dipped to 53.2% from 54.7%. Meanwhile, the nation’s banks eased restrictions on business and consumer lending in the second quarter and saw stronger demand in many loan categories. According to the most recent survey of senior bank loan officers at American banks and foreign branches in the United States, in the last three months, 13% of those questioned had established easier conditions on business loans to large and medium-sized firms and 7% on small firms.

The Dow Jones Industrial Average lost 46.23 points or 0.30 percent to 15,612.10, the S&P 500 was down 2.53 points or 0.15 percent to 1,707.14, while the Nasdaq edged higher by 3.36 points or 0.09 percent to 3,692.95.

Indian ADRs closed mixed on Monday, Sterlite Industries was up 0.21%, Wipro was up 0.19% and Infosys was up 0.02%. On the other hand, Tata Motors was down by 0.23% and HDFC Bank was down 0.05%.

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