US markets edges higher on Yellen remarks

15 Nov 2013 Evaluate

The US markets edged higher on Thursday, after Federal Reserve chair nominee Janet Yellen indicated in a Senate hearing that she will continue to support the economy with stimulus measures. Janet Yellen, currently the Fed’s vice chairwoman, answered questions from a Senate committee as she seeks confirmation to lead the central bank. In her testimony, she backed the Fed’s current bond-buying program in remarks that were interpreted by the markets as dovish. Besides, Charles Plosser, the president of the Philadelphia Fed Bank stated that the current Federal Reserve polices could add to financial instability, and as a result, new limits should be put on the central bank. Plosser argued that Congress should narrow the Fed's focus to price stability, instead of the current dual mandate that calls on the central bank to also try to maximize employment. Plosser added that the Fed should not be able to buy mortgage-backed securities and should set rules for monetary policy. Plosser, a leading hawk on the central bank, will be a voting member of the Fed’s policy committee next year. Separately, Moody’s Investors Service cut its ratings on four of the biggest US banks after deciding the government would be less likely to help them repay creditors in a crisis. Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of New York Mellon Corp. had their senior holding company ratings lowered one level after Moody’s concluded a review of eight US banks that began in August.

On the economy front, the number of people who filed new applications last week to receive unemployment benefits fell for a fifth week in a row, but they remained above end-of-summer levels. The Labor Department stated that initial jobless claims dropped by 2,000 to a seasonally adjusted 339,000 in the seven days ended November 9. The average of new claims over the past month, usually a more reliable gauge than the weekly number, fell by 5,750 last week to 344,000. The nation’s trade deficit rose in September for the third straight month, as exports of US goods and services fell slightly and Americans bought more imported goods such as oil and new iPhones. The US trade gap climbed to $41.8 billion from a slightly revised $38.7 billion in August, the Commerce Department reported. Separately, US productivity increased by a 1.9% annual rate in the third quarter, slightly faster than revised pace in the prior period. Output of goods and services jumped 3.7% from a 3.3% gain in the second quarter, while hours worked rose by 1.7% vs. 1.4% in the previous period.

The Dow Jones Industrial Average added 54.59 points or 0.35 percent to 15,876.20, the S&P 500 was up 8.62 points or 0.48 percent to 1,790.62, while Nasdaq gained 7.17 points or 0.18 percent to 3,972.74.

Indian ADRs closed mostly in green on Thursday; Tata Motors was up 1.72%, Infosys was up 0.48%, ICICI Bank was up 0.37% and HDFC Bank was up 0.20%. On the other hand, Dr. Reddy’s Lab was down 0.15%.

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