US markets gain for sixth week; S&P 500, Dow make record close

16 Nov 2013 Evaluate

The US markets climbed on Friday, with stocks lifting the S&P 500 and Dow industrials to record close and achieving their sixth weekly gains in a row, as investors continued to find encouragement in Janet Yellen’s support for the Federal Reserve’s stimulus efforts. At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank’s aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles forming in the equity markets. The market also absorbed some softer-than-expected economic data. The Empire State’s general business conditions index turned negative in November for the first time since May. The Empire State index fell to negative 2.2 from positive 1.5 in October. The new-orders component fell to negative 5.5 from positive 7.8, and the shipments component fell to -0.5 from positive 13. Besides, industrial production fell 0.1% in October the first drop since July as mining and utilities output fell. Manufacturing output edged up 0.3%, the third straight rise, and was up 3.3% from a year ago. Capacity utilization slipped to 78.1% from 78.3% in September.

Meanwhile, the prices paid for imported goods fell 0.7% in October, largely because of lower fuel prices. Fuel import prices sank 3.4% in October. Excluding fuel, import prices were unchanged last month. Meanwhile, the price of US-made goods exported to other nations declined by 0.5% in October. Separately, US wholesale inventories advanced 0.4% in September and wholesale sales climbed 0.6%. At September’s sales pace, the inventory-to-sales ratio was unchanged at 1.18 months. Inventories of durable goods rose 0.3% in September, and inventories of nondurables increased by 0.5%.

The Dow Jones Industrial Average added 85.48 points or 0.54 percent to 15,961.70, the S&P 500 was up 7.56 points or 0.42 percent to 1,798.18, while Nasdaq gained 13.23 points or 0.33 percent to 3,985.97.

Indian ADRs closed mostly in green on Friday; HDFC Bank was up 0.69%, Infosys was up 0.65%, ICICI Bank was up 0.64% and Wipro was up 0.24%. On the other hand, Tata Motors was down 0.07%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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