US markets gain on encouraging global economic view

25 Oct 2013 Evaluate

The US markets closed higher on Thursday, with the S&P 500 gaining again after a day of halting a run to a record high on signs of an improving global economy. Chinese factory activity hit a 7-month high in October, a sign that manufacturing is improving in the world’s second largest economy. On the local economy front, the number of people who applied for US unemployment benefits fell for the third straight week, but the level of initial claims remained elevated because of ongoing computer problems in California that prevented many applications from being processed on time. The Labor Department stated that initial claims fell by 12,000 to 350,000 in the week ended October 19. The four-week average of claims usually a more reliable number, jumped by 10,750 to 348,250 to mark the highest level since early July. Besides, job openings barely rose in August, as gains in education and health services, manufacturing and construction were offset by declines in federal and state and local employment. Openings edged up to 3.88 million from 3.81 million in July. There were 2.91 unemployed people for every available opening, compared to 3.02 in July.

Meanwhile, the US trade deficit rose slightly to $38.8 billion in August from a downwardly revised $38.6 billion in July, the Commerce Department reported. Imports were basically flat at $228.0 billion, while exports edged down 0.1% to $189.2 billion. The preliminary reading of Markit’s US flash manufacturing purchasing managers index slipped to 51.1 in October from 52.8 in September, the lowest level for a year. Readings above 50 indicate expansion and the PMI in October signals only modest manufacturing growth. In October, output contracted for the first time since September 2009. New order growth was the weakest in six months. On the other hand, there was a modest rise in employment.

The Dow Jones Industrial Average gained 95.88 points or 0.62 percent to 15,509.20, the S&P 500 was up 5.69 points or 0.33 percent to 1,752.07, while Nasdaq added 21.89 points or 0.56 percent to 3,928.96.

Indian ADRs closed mostly in green on Thursday; HDFC Bank was up 0.76%, ICICI Bank was up 0.21%, Tata Motors was up 0.19% and Dr. Reddy’s Lab was up 0.13%. On the other hand, Wipro was down 0.23%.

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