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US markets slip on Fed concern

21 Sep 2013 Evaluate

The US markets slipped on Friday, as investors reacted to the uncertain signals from US central bankers. The selloff intensified in the last few minutes of trading but despite of that benchmark indexes still managed to post a third week of gains. The final trading session of the week had one Federal Open Market Committee member signaling the Fed could curb stimulus next month and another critical of the decision not to taper in September. Federal Reserve Bank of St. Louis President James Bullard stated that the decision not to begin tapering followed weaker economic data, and that a small taper could start in October. Bullard added that tapering is more likely if the labor market continues to improve. Kansas City Fed President Esther George stated that markets were ready for reduced stimulus to begin, and the central bank’s failure to follow through on expectations hurt its credibility on Wall Street.

Meanwhile, defying a White House veto threat, the Republican-led House of Representatives passed a bill that would keep the government open through mid-December and also eliminate funding for President Barack Obama’s health-care law. The bill is part of a two-pronged strategy to attack Obama’s health law. Republicans are also aiming to cripple the law in return for agreeing to raise the US debt ceiling, which Treasury Secretary Jack Lew says the debt will be hit in mid-October. House lawmakers approved the budget bill by 230 to 189, mostly on a party-line vote. House Speaker John Boehner and other Republicans insist their party has no interest in a government shutdown or defaulting on the US debt.

The Dow Jones Industrial Average lost 185.46 points or 1.19 percent to 15,451.10, the S&P 500 was down 12.43 points or 0.72 percent to 1,709.91, while the Nasdaq dropped 14.66 points or 0.39 percent to 3,774.73.

Indian ADRs closed in red on Friday; ICICI Bank was down 1.63%, HDFC Bank was down 1.39%, Tata Motors was down 0.92%, Infosys was down 0.63% and Dr. Reddy’s Lab was down by 0.36%.

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