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US markets rose on hopes that Fed stimulus will continue

23 Oct 2013 Evaluate

The US markets rose on Tuesday, as the September nonfarm-payrolls report supported the notion that the Federal Reserve’s monthly bond purchases would continue into next year. The S&P 500 index closed up for a fifth consecutive session, its longest winning streak since one ending September 11. On the economy front, the US created a modest 148,000 jobs in September but the number of people hired in August was higher than previously reported, indicating the economy to be on a zigzag course heading into the government shutdown. The nation’s unemployment rate, meanwhile, fell a tick to a five-year low of 7.2%, as more people found work, according to figures released by the Labor Department. The long-delayed September employment report, which was supposed to be released almost three weeks ago, pointed to an economy that was growing at a mild if choppy pace heading into the fall.

Meanwhile, the Commerce Department reported that outlays for US construction projects rose 0.6% in August. Spending in July was revised to a 1.4% gain from the initial estimate of a 0.6% rise. The Federal Reserve’s most recent survey of economist conditions released last week found residential construction continued to increase at a moderate pace in September while business construction expanded at a relatively slower rate. Separately, the Richmond Fed’s manufacturing report found activity remained weak in October. The composite index edged up from zero in September to 1 in October, with both figures below the 14 that was registered in August.

The Dow Jones Industrial Average gained 75.46 points or 0.49 percent to 15,467.70, the S&P 500 was up 10.01 points or 0.57 percent to 1,754.67, while Nasdaq rose 9.52 points or 0.24 percent to 3,929.57.

Indian ADRs closed mostly in green on Tuesday; Tata Motors was up 0.22%, Infosys was up 0.21% and Dr. Reddy’s Lab was up 0.16%. On the other hand, HDFC Bank and Wipro both were down 0.22%.

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