US markets gain on technology stocks, economic data

14 Aug 2013 Evaluate

The US markets edged higher on Tuesday, with technology pacing the gains as shares of Apple Inc. bounced after activist investor Carl Icahn reported that he has a large position in the company and believes it to be extremely undervalued. Meanwhile, Dennis Lockhart, the president of the Atlanta Fed Bank stated that the uneven performance of the economy has made it impossible for the Federal Reserve to provide clarity about what it is going to do with its $85 billion-a-month asset purchase program. Lockhart added that he doesn’t think there will be enough data at the Fed’s next meeting in mid-September for the central bank to commit to a full phase-out of asset purchases or lay out a precise timetable for winding them down. On the economy front, retail sales rose for the fourth straight month in July, and details of the report suggested some firming in consumer spending. Retail sales overall rose a sluggish 0.2% in July. The core retail sales excluding autos, gas and building materials, rose 0.5% in July. That was the strongest gain this year. Consumer spending drives about two-thirds of demand in the US economy.

Besides, small-business optimism edged up in July, helped by slight gains in the percentage of those planning to increase employment, those saying now’s a good time to expand and those expecting real sales to be higher. The National Federation of Independent Business stated its small-business optimism index rose 0.6 points to 94.1 -- still half a point below the December 2007 reading, when the US entered recession. Separately, Business inventories were flat in June at a seasonally adjusted $1.65 trillion. Compared to a year ago, inventories were up 3.5%. May's inventories were revised to show a 0.1% drop instead of an initially reported 0.1% gain. Additionally, prices for US imports rose 0.2% in July, after decreasing in each of the previous 4 months, the Labor Department reported. The July upturn was driven by rising fuel prices which more than offset lower nonfuel prices.

The Dow Jones Industrial Average gained 31.33 points or 0.20 percent to 15,451.00, the S&P 500 was up 4.69 points or 0.28 percent to 1,694.16, while the Nasdaq edged higher by 14.49 points or 0.39 percent to 3,684.44.

Indian ADRs closed in green on Tuesday; Tata Motors was up by 1.64%, ICICI Bank was up 1.20%, HDFC Bank was up 1.18%, Infosys was up 0.86% and Wipro was up 0.45%.

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