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  3. US markets climb higher; Dow, S&P 500 hits record closing high

US markets climb higher; Dow, S&P 500 hits record closing high

14 Nov 2013 Evaluate

The US markets climbed higher on Wednesday, with both Dow and S&P 500 rising to another record high after Janet Yellen, the likely next chairwoman of the Federal Reserve released testimony that defended quantitative easing. Janet Yellen defended the central bank’s unconventional asset purchase program, calling it the best way to get the economy back to normal. She added that the US economy and financial system have come a long way since the dark days of the financial crisis, but that important work lies ahead. The economy is significantly stronger than it was in the wake of the 2008 financial crisis and it continues to improve. Separately, outgoing Federal Reserve Chairman Ben Bernanke stated that greater transparency at the US central bank had been one of his top priorities of his eight-year tenure.

The US government began its latest fiscal year in the red, the Treasury Department reported, posting a budget deficit of $92 billion for the month of October. The government spent $291 billion and brought in $199 billion in receipts. October, the first month of the government’s fiscal year, is usually a deficit month since there are no major payments due. Even so, receipts were a record for October, up 8% from the same month a year ago on stronger individual and corporate taxes. Spending for the month was 5% lower than in the same month a year ago, reflecting the automatic budget cuts known as the sequester. The decreased spending numbers may also reflect the 16-day-long government shutdown in October. The government’s budget year runs from October to September.

The Dow Jones Industrial Average added 70.96 points or 0.45 percent to 15,821.60, the S&P 500 was up 14.31 points or 0.81 percent to 1,782.00, while Nasdaq gained 45.66 points or 1.16 percent to 3,965.57.

Indian ADRs closed in green on Wednesday; Tata Motors was up 1.21%, Infosys was up 0.74%, Dr. Reddy’s Lab was up 0.61%, ICICI Bank was up 0.58% and HDFC Bank was up 0.13%.

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