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US markets end mixed ahead of economic data

13 Aug 2013 Evaluate

The US markets closed mostly lower on Monday, ahead of economic data to be released later in the week, though the technology-dominated Nasdaq Composite managed to close in green as Apple Inc. provided a lift to the tech-heavy index, after a report over the weekend that the next iPhone will debut on September 10. Meanwhile, the federal government posted a budget deficit of $97.6 billion in July, a rise from the same month ago; though a rise in tax receipts may make the annual budget gap the smallest in five years. In July, the government spent $297.6 billion and took in $200 billion in revenue. Including the July deficit, the budget gap for the first ten months of the 2013 fiscal year totaled $607.4 billion, down 38% from the same period a year ago. The improvement is driven by a 14% increase in revenue over that period. Spending is down 3%, largely due to automatic spending cuts, known as sequester. The federal government has seen a surge in tax revenue since the beginning of 2013. Revenues for the first 10 months are a record $2.29 trillion. The White House has projected an annual deficit of $759 billion this year, the lowest deficit since President Barack Obama took office in 2009.

The Dow Jones Industrial Average lost 5.83 points or 0.04 percent to 15,419.70, the S&P 500 was down 1.95 points or 0.12 percent to 1,689.47, while the Nasdaq edged higher by 9.84 points or 0.27 percent to 3,669.95.

Indian ADRs closed mostly in red on Monday; Dr. Reddy’s Lab was down 0.56%, Tata Motors was down by 0.28% and HDFC Bank was down 0.27%. On the flip side, Wipro was up 0.13% and Sterlite Industries was up 0.10%.

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