US markets closed mostly lower despite encouraging data

06 Nov 2013 Evaluate

The US markets closed mostly down on Tuesday, as lower euro-zone growth forecasts outweighed a better-than-expected reading on the US services sector. The European Commission trimmed its forecasts for economic growth and unemployment in the euro zone. Investors were also looking ahead to European Central Bank policy decision scheduled on Thursday, along with US GDP data that day and the US October jobs report on Friday. On the economy front, the companies that employ the vast majority of Americans grew slightly faster in October despite the federal shutdown, though some stated that government policies continue to be a hindrance. The Institute for Supply Management’s non-manufacturing index climbed to 55.4% last month from 54.4% in September, roughly in line with the 12-month average. The ISM generates its results from a poll of senior executives responsible for ordering supplies for their companies.

Besides, home prices ticked up in September, pushing annual growth to the fastest pace since early 2006, according to data released. In September, about five years after the housing crisis started, home prices rose 0.2%, while the annual pace reached 12%, according to CoreLogic. National home prices in September were about 17.4% below a peak level, but continued to increase, supported by pent-up demand and relatively low inventory. Additionally, the US homeownership rate climbed from the lowest level in 18 years, signaling that the real estate rebound is drawing in more buyers. The share of Americans who own their homes was 65.3 percent in the third quarter, up from 65 percent in the previous three months, the Census Bureau reported.

The Dow Jones Industrial Average lost 20.90 points or 0.13 percent to 15,618.20, the S&P 500 was down 4.96 points or 0.28 percent to 1,762.97, while Nasdaq gained 3.27 points or 0.08 percent to 3,939.86.

Indian ADRs closed mostly in red on Tuesday; Dr. Reddy’s Lab was down 1.11%, ICICI Bank was down 0.76%, ICICI Bank was down 0.75% and Tata Motors was down 0.35%. On the other hand, Infosys was up 0.51%.

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