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  3. US markets surge as lawmakers reach a debt deal

US markets surge as lawmakers reach a debt deal

17 Oct 2013 Evaluate

The US markets surged on Wednesday, lifting the S&P 500 near its record high, as the Senate reached an agreement to reopen the government and raise the debt ceiling. The bipartisan agreement would fund the federal government through January 15 and raise the debt ceiling through February 7. Both the House and the Senate still need to vote on the measure, with would bring an end to the partial government shutdown now in a 16th day. The agreement sets a December 13 deadline for a report on a wide budget plan. Separately, according to the latest Federal Reserve survey, known as the Beige Book, about a third of the country was experiencing slower growth in September and early October, while there were only scattered reports of any impact from the government shutdown. Four of the Fed’s 12 banking districts-Philadelphia, Richmond, Chicago and Kansas City, reported that growth had slowed. The other eight districts were little changed. Overall, the survey reported the same modest to moderate growth that has been in place for most of the year. Consumer spending grew modestly, fueled once again by rising car sales. Retailers remained optimistic about the upcoming holiday season.

On the economy front, confidence among home builders declined in October to the lowest level in four months, with mortgage-rate volatility and Washington’s impasse over the debt ceiling hurting builders’ views on single-family-home sales. The National Association of Home Builders/Wells Fargo housing-market index fell to 55 in October from 57 in September.

The Dow Jones Industrial Average added 205.82 points or 1.36 percent to 15,373.80, the S&P 500 was up 23.48 points or 1.38 percent to 1,721.54, while Nasdaq gained 45.42 points or 1.20 percent to 3,839.43.

Indian ADRs closed mostly in green on Wednesday; HDFC Bank was up 0.54%, ICICI Bank was up 0.46%, Wipro was up 0.38% and Dr. Reddy’s Lab was up 0.33%. On the other hand, Infosys was down 0.28%.

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