US markets closed with modest gain

05 Nov 2013 Evaluate

The US markets ended with modest gains on Monday, as investors took cue from upbeat earnings and shook off fears that market is overdue for a correction. Investors are also trying to gauge when the Federal Reserve will begin to slow the pace of monetary stimulus. St. Louis Fed Bank President stated that low inflation allows the Federal Reserve to be patient before scaling back its bond-buying program, and fears that the program will lead to a 1970s-style inflation outbreak are overblown. Bullard, who is a voting member of the Fed's policy-making committee this year, added that the decision to reduce, or taper, the $85 billion-a-month asset purchase plan would be based on the data and made on a meeting-by-meeting basis. Meanwhile, Dallas Fed President Richard Fisher suggested that tapering of bond buys could come sooner than expected, and that fiscal risks shouldn’t stop the Fed from doing what is right for the economy. Boston Fed President Eric Rosengren, a voting member of the Fed’s policy-making arm, stated that a delay in the reduction of the bond-buying program from December to April would make only a small difference to the overall size of the central bank’s balance sheet.

On the economy front, factory orders jumped 1.7% in September to $490.8 billion, the Commerce Department stated. The agency also revealed for the first time that August orders fell 0.1% -- that release was shelved due to the government shutdown. Shipments rose 0.1% in September and rose 0.2% in August. Besides, banks are making it easier for commercial and industrial firms to get loans even as these companies have not stepped up their borrowing demands, a Federal Reserve survey released showed. The survey of 73 domestic and 22 foreign banks operating in the US shows that the easier terms are due to increased competition. The Fed’s senior loan officer survey also shows that banks made it easier to get commercial real estate but did not substantially ease their terms to households.

The Dow Jones Industrial Average added 23.57 points or 0.15 percent to 15,639.10, the S&P 500 was up 6.29 points or 0.36 percent to 1,767.93, while Nasdaq gained 14.55 points or 0.37 percent to 3,936.59.

Indian ADRs closed mostly in red on Monday; ICICI Bank was down 0.44%, Infosys was down 0.16% and Wipro was down 0.06%. On the other hand, Tata Motors was up 0.57% and Dr. Reddy’s Lab was up 0.17%.

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