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US markets fell for third straight day

13 Dec 2013 Evaluate

The US markets closed lower for a third straight day on Thursday, as investors weighed a mixed batch of economic data and how it would affect the Fed’s decision to alter policy in its rate-setting meeting next week. Investors digested positive retail sales figures and higher-than-expected jobless claims. Sales at US retailers picked up in November, led by autos, as consumers took advantage of holiday season deals. Overall retail sales climbed a seasonally adjusted 0.7% last month, the most since June. Excluding the large auto sector, retail sales rose 0.4%. Auto sales jumped 1.8% in November, the most since June. Besides, the number of new applications for jobless benefits rose by 68,000 in the week that ended December 7 to 368,000, reaching the highest level in two months, the US Department of Labor reported. That result was above a consensus forecast of 335,000. A four-week average of initial claims for regular state unemployment-insurance benefits rose 6,000 to 328,750.

Meanwhile, the prices paid for imported goods fell 0.6% in November, with a large drop for fuel, the US Department of Labor reported. Fuel import prices decreased 3.1% in November, the largest drop since June 2012. Excluding fuel, import prices were unchanged last month. The price of US-made goods exported to other nations rose 0.1% in November. Separately, inventories at US businesses rose 0.7% in October, well above expectations, the Commerce Department stated. Business sales rose 0.5%. The inventory-to-sales ratio, an indication of demand, held steady at 1.29 in October from the prior month.

The Dow Jones Industrial Average lost 104.10 points or 0.66 percent to 15,739.43, the S&P 500 was down 6.72 points or 0.38 percent to 1,775.50, while Nasdaq dropped 5.41 points or 0.14 percent to 3,998.40.

Indian ADRs closed in red on Thursday; ICICI Bank was down 1.86%, HDFC Bank was down 0.89%, Dr. Reddy’s Lab was down 0.57%, Tata Motors was down by 0.46% and Infosys was down 0.41%.   

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