US markets fell ahead of release of Fed minutes

20 Nov 2013 Evaluate

The US markets closed lower on Tuesday, as investors showed caution after the Dow Jones Industrial Average and S&P 500 failed to hold above milestone levels in the prior session. Investors were awaiting a speech by Federal Reserve Chairman Ben Bernanke, as well as the release of minutes on Wednesday from the Fed’s last policy meeting. Janet Yellen, President Barack Obama’s nominee to be the first chairwoman of the central bank, stated that a strong majority on the Federal Reserve’s policy-setting committee believes that the central bank’s unprecedented asset purchase programs have been effective. Yellen repeated the Fed’s statement that asset purchases are not on a preset course and the decision on whether to reduce the pace of the purchases will remain contingent on the economic outlook and the Fed’s assessment of the costs and benefits. Yellen separately added that Fed policy would likely remain very easy for a long time after the unemployment rate falls below the central bank’s 6.5% interest rate hike threshold.

Meanwhile, President Barack Obama stated that US can cut the deficit and spur economic growth at the same time, and that short-term deficits aren’t the nation’s primary fiscal concern. Separately, Former Treasury Secretary Larry Summers urged Washington to focus on policies that will grow the economy, saying it’s been a decade since the US has grown at a rapid rate in a remotely healthy and sustainable way. On the economy front, compensation costs for civilian workers increased 0.4% on a seasonally adjusted basis in the third quarter, following 0.5% growth in the second quarter. Wages and salaries rose 0.3% while benefits picked up by 0.7%. Over 12 months, compensation costs stayed at 1.9%.

The Dow Jones Industrial Average dropped 8.99 points or 0.06 percent to 15,967.00, the S&P 500 was down 3.66 points or 0.20 percent to 1,787.87, while Nasdaq lost 17.51 points or 0.44 percent to 3,931.55.

Indian ADRs closed in red on Tuesday; HDFC Bank was down 0.88%, Tata Motors was down 0.71%, ICICI Bank was down 0.63%, Dr. Reddy’s Lab down 0.48% and Infosys was down 0.43%.

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