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US markets fell on taper worries

06 Dec 2013 Evaluate

The US markets closed lower on Thursday, slapping both the S&P 500 and Dow Jones Industrial Average with their fifth straight down day, as better-than-expected readings on employment and economic growth boosted bets that a stimulus reduction could come this month. Atlanta Federal Reserve President Dennis Lockhart stated that a tapering of the Federal Reserve’s bond-buying program that has supported equities should be on the table in December. The US economy expanded by a 3.6% annual pace in the third quarter to mark the fastest increase in a year and a half, but the revised gain was fueled by the largest buildup in inventories since 1998. Growth could fall sharply in the fourth quarter if companies stockpile goods at a slower rate as expected. Consumer spending, the main engine of the US economy, was trimmed to a 1.4% increase from 1.5%, the Commerce Department reported.

Besides, the Labor Department stated that the number of new applications for unemployment benefits fell by 23,000 last week to 298,000, but the decline may have been skewed by difficulties in making seasonal adjustments during the holidays. The holiday season kicked off last week with Thanksgiving, a commemorative day that often occurs at different times toward the end of November. On the other hand, factory orders declined 0.9% in October to $486.9 billion, with drops for both durable and nondurable goods, the US Department of Commerce reported. Orders for durable goods fell 1.6% in October, while orders for nondurables fell 0.2%. Meanwhile, shipments of manufactured goods ticked up 0.1%.

The Dow Jones Industrial Average lost 68.26 points or 0.43 percent to 15,821.50, the S&P 500 was down 7.78 points or 0.43 percent to 1,785.03, while Nasdaq slipped 4.84 points or 0.12 percent to 4,033.17.

Indian ADRs closed mostly in red on Thursday; Tata Motors was down by 0.59%, Dr. Reddy’s Lab was down 0.52% and Infosys was down 0.50%. On the other hand, ICICI Bank was up 0.28% and Wipro was up 0.07%.

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