US markets rose on solid jobs report

09 Nov 2013 Evaluate

The US markets climbed higher on Friday, leading to a fifth straight weekly gain for both the Dow and the S&P 500, supported by stronger-than-expected October jobs report. The US economy added 204,000 jobs in October - double than the forecast - despite a government shutdown that was expected to put a damper on hiring. While, the Labor Department stated that hiring for September and August were revised up by a combined 60,000. The upwardly revised gains in August and September suggest the economy might strengthen more than it appears. The unemployment rate, meanwhile, ticked up to 7.3% from 7.2% in what was likely a residue of the shutdown. The government reported that spending by US consumers tapered off slightly in September. Consumer spending rose 0.2% in September, down from an unrevised 0.3% gain in August. Personal incomes rose a seasonally adjusted 0.5%, boosted by renewed payments to federal workers who had lost money due to furloughs. Over the past 12 months the PCE index has risen 0.9% overall or by 1.2% on a core basis. Yet the rise in consumer incomes is barely outpacing inflation.

However, a gauge of consumer sentiment fell this month to the lowest level in almost two years, surprising everyone who had expected sunnier views now that the government shutdown is over. The preliminary November reading of the University of Michigan/Thomson Reuters consumer-sentiment index hit 72 - the lowest level since December 2011 - from a final October reading of 73.2.

Meanwhile, Dennis Lockhart, the president of the Atlanta Fed Bank stated that the environment for Federal Reserve policy-making is murkier than I would like, with less reliable economic data making it hard for the central bank to find the pulse of the economy until next year. Lockhart’s comments suggest no rush to reduce the pace of the central bank’s asset purchase program at the next policy meeting in December. Besides, Chairman Ben Bernanke stated that the Federal Reserve is drafting rules to close large insolvent banks without bringing down the broader financial system, one of many steps regulators must take to prevent another financial crisis.

The Dow Jones Industrial Average added 167.80 points or 1.08 percent to 15,761.80, the S&P 500 was up 23.46 points or 1.34 percent to 1,770.61, while Nasdaq gained 61.90 points or 1.60 percent to 3,919.23.

Indian ADRs closed mostly in green on Friday; Tata Motors was up 1.10%, Dr. Reddy’s Lab was up 0.72% and Wipro was up 0.05%. On the other hand, HDFC Bank was down 0.52% and ICICI Bank was down 0.28%.

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