US markets gain; Dow ends above 16,000 for the first time

22 Nov 2013 Evaluate

The US markets climber higher on Thursday, with the Dow Jones Industrial Average achieving its first-ever close above 16,000, boosted by better-than-expected data on weekly jobless claims and as investors reconsidered their concerns about the Federal Reserve’s potential reduction in its bond-buying program. The Labor Department stated that number of new US applications for unemployment benefits fell by 21,000 to 323,000 in the week ended November 16, putting new claims at their lowest level since late September. The average of new claims over the past month, a more reliable gauge than the volatile weekly number, dropped by 6,750 and stood at 338,500. Markit’s US index of manufacturing purchasing managers rose to 54.3 in a preliminary November reading, an eight-month high, from a final reading of 51.8 in October. Readings above 50 indicate expansion and the PMI in November signals faster growth. November saw faster expansion for output and new orders, while growth slightly slowed for employment.

Meanwhile, US wholesale prices fell a seasonally adjusted 0.2% in October marking the second straight decline and reflecting the lack of inflationary pressure in the US economy. Over the past 12 months wholesale costs have risen a scant 0.3%, the same as in September. Excluding the volatile categories of food and energy, core wholesale prices rose 0.2%, and they are up just 1.4% over the past 12 months. Separately, the Philadelphia Fed’s manufacturing index slowed to a reading of 6.5 in November from 19.8 in October. Readings on general activity, new orders, shipments, and employment were positive but slowed from October. The index has been in positive territory for six straight months.

The Dow Jones Industrial Average gained 109.17 points or 0.69 percent to 16,010.00, the S&P 500 was up 14.48 points or 0.81 percent to 1,795.85, while Nasdaq added 47.88 points or 1.22 percent to 3,969.16.

Indian ADRs closed in red on Thursday; Infosys was down 0.89%, ICICI Bank was down 0.60%, HDFC Bank was down 0.45%, Dr. Reddy’s Lab was down 0.35% and Tata Motors was down 0.32%.

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