US markets gain on encouraging economic reports

30 Aug 2013 Evaluate

The US markets gained for the second straight day on Thursday, paring some weekly losses, as better-than-expected economic reports trumped the belief that the data increase odds that the Federal Reserve will scale back bond purchases next month. The US economy grew much faster in the second quarter than previously believed, mainly because of an improved trade picture and higher demand for American-made goods and services. Yet the spending pattern of American consumers - the linchpin of the US growth saw no improvement under the government’s latest revision. That suggests the economy entered the third quarter with little added momentum. The Commerce Department stated that Gross domestic product rose at a 2.5% annual rate in the April-to-June period instead of an initial reading of 1.7%. That’s much faster than 1.1% in the first quarter and a scant 0.1% growth rate in the final three months of 2012.

Additionally, signaling that the pace of layoffs remains relatively slow, a trend of jobless claims recently stuck close to the lowest level in six years. According to government data the number of people who applied for new US unemployment-insurance benefits declined by 6,000 to 331,000 in the week that ended August 24. Meanwhile, the four-week moving average of initial claims for regular state unemployment-insurance benefits ticked up 750 to 331,250, but remained close to the lowest level since late 2007, near the start of the Great Recession. Meanwhile, a small group of Republican senators were at the White House on Thursday to try to find a way forward on issues like funding for the next fiscal year and the debt ceiling. With deadlines quickly approaching, at least one group is encouraged by the meeting but it’s pretty clear that the Obama administration and Republicans remain far apart.

The Dow Jones Industrial Average gained 16.44 points or 0.11 percent to 14,841.00, the S&P 500 was up 3.21 points or 0.20 percent to 1,638.17, while the Nasdaq added 26.95 points or 0.75 percent to 3,620.30.

Indian ADRs closed mostly in green on Thursday; Dr. Reddy’s Lab was up 1.23%, Tata Motors was up 0.53% and Sterlite Industries was up 0.37%. On the other hand, Infosys was down by 0.25% and ICICI Bank was down 0.07%.

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