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  3. US markets end lower; S&P snaps seven session winning streak

US markets end lower; S&P snaps seven session winning streak

13 Sep 2013 Evaluate

The US markets closed lower on Thursday, with the S&P 500 snapping its seven-session winning streak, as investors remained worried about developments related to Syria and Federal Reserve policy moves. Investors kept an eye on the conflict in Syria as US Secretary of State John Kerry arrived in Geneva for discussions with Russia’s foreign minister on a proposed plan under which Syria will turn over its chemical weapons to the international community. Meanwhile, the US government recorded a budget deficit of $148 billion in August, but remains on course for its first full-year shortfall below $1 trillion since 2008. The August budget gap brings the deficit for the 2013 fiscal year so far to $755 billion - 35% below the $1.16 trillion for the first 11 months of fiscal 2012. The government’s fiscal year runs from October to September. The deficit has been falling mostly thanks to increased revenues, as well as modestly lower government spending partly due to the automatic budget cuts known as the sequester.

On the economy front, the number of applications for US jobless benefits fell below 300,000 for the first time since 2006, but the government attributed the surprising plunge to computer-related glitches instead of a sudden improvement in the labor market. The Labor Department stated that initial claims sank by 31,000 to a seasonally adjusted 292,000 in the week ended September 7. Separately, the prices paid for imported good was unchanged in August and the increase in import prices in July was revised down to 0.1% instead of 0.2% as originally reported. Excluding fuel, import prices fell by 0.2% in August.

The Dow Jones Industrial Average lost 25.96 points or 0.17 percent to 15,300.60, the S&P 500 was down 5.71 points or 0.34 percent to 1,683.42, while the Nasdaq slipped 9.04 points or 0.24 percent to 3,715.97.

Indian ADRs closed in red on Thursday; ICICI Bank was down 0.85%, Tata Motors was down 0.60%, Infosys was down 0.55%, HDFC Bank was down by 0.48% and Wipro was down 0.30%.

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