US markets gain on encouraging housing data

27 Nov 2013 Evaluate

The US markets closed slightly higher on Tuesday, after erasing gains in the final minutes of trade, but the Nasdaq Composite still scored its first close above 4,000 since September 2000. The encouraging housing data offset a weaker-than-expected reading on consumer confidence. The US home prices in September grew at the slowest monthly pace since February, adding to other recent evidence that the housing market’s rebound is starting to slow. According to S&P/Case-Shiller 20-city composite data released, on a year-over-year basis, home prices grew 13.3% in September, the fastest annual pace since February 2006, though prices remained about 20% below a 2006 peak. The trend was echoed in a separate home-price report released by the government. According to the Federal Housing Finance Agency, which regulates mortgage buyers Fannie Mae and Freddie Mac, US prices rose a seasonally adjusted 0.3% in September, notably below appreciation rates observed earlier this year and in late 2012. Additionally, a government report signaled that future home building may speed up, as construction permits rose in October, led by applications for apartments and other multi-family dwellings.

On the other hand, the government shutdown, it turns out, is not the only thing that’s undermined the confidence of consumers as retailers enter the most critical part of their year. The nonprofit Conference Board stated that the consumer-confidence index fell for the third straight month, dipping to 70.4 in November from 71.2. It’s also the lowest level since April. In November, the present situation index, a barometer of how consumers feel now, dipped to 72.0 from 72.6. The future expectations index, which covers the next six months, slipped to 69.3 from 72.2, marking the lowest level in eight months.

The Dow Jones Industrial Average gained 0.26 points to 16,072.80, the S&P 500 was up 0.27 points or 0.01 percent to 1,802.75 and Nasdaq added 23.18 points or 0.58 percent to 4,017.75.

Indian ADRs closed mostly in red on Tuesday; ICICI Bank was down 0.93%, HDFC Bank was down 0.60% and Dr. Reddy’s Lab was down 0.49%. On the other hand, Tata Motors was up 0.53% and Infosys was up 0.36%.

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