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  3. US markets close mostly up ahead of jobs report

US markets close mostly up ahead of jobs report

22 Oct 2013 Evaluate

The US markets closed mostly up on Monday, with the S&P 500 adding a fraction to its record close and the Nasdaq Composite extending gains into a fourth session. Investors assessed the economic damage caused by the shutdown and weighed the outlook for corporate earnings while keeping an eye for tomorrow’s jobs report. At the same time, investors are contemplating that the lingering uncertainty in Washington means the Federal Reserve is unlikely to taper its bond buying program this year. Chicago Fed president Charles Evans stated that the Federal Reserve could begin to reduce the pace of its $85 billion-a-month asset purchase program in December but would need several good economic reports before acting. Evans all but ruled out a move at the central bank’s meeting later this month, calling it a tough one given the lack of economic data from the federal government shutdown. Evans added that Fed could boost its stimulus if needed and could reduce its taper at a faster or slower pace, but it will depend on the data.

On the economy front, sales of previously owned US homes fell a seasonally adjusted 1.9% in September because of higher prices and rising mortgage rates. The National Association of Realtors stated that sales dipped to an annual rate of 5.29 million last month from 5.39 million in August. The pace of sales in August, originally reported as a six-year high of 5.48 million, was sharply reduced to match the level of sales in July. Those two months reflect a four-year high in existing home sales.

The Dow Jones Industrial Average lost 7.45 points or 0.05 percent to 15,392.20, the S&P 500 was up 0.16 points or 0.01 percent to 1,744.66, while Nasdaq gained 5.77 points or 0.15 percent to 3,920.05.

Indian ADRs closed mostly in green on Monday; Infosys was up 0.39%, HDFC Bank was up 0.22% and ICICI Bank was up 0.12%. On the other hand, Dr. Reddy’s Lab was down 0.82% and Tata Motors was down 0.10%.

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