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US markets gain as Fed moves to reduce stimulus

19 Dec 2013 Evaluate

The US markets closed higher on Wednesday, after the Federal Reserve surprised some experts by announcing a modest reduction, or tapering, in its bond buying program. Bernanke stated that he and other Fed officials -- including current vice chair and Bernanke successor Janet Yellen -- believe the economy will continue to create jobs. The Fed added that it will reduce its monthly purchases of mortgage-backed securities and US Treasuries to $75 billion per month, down from $85 billion, beginning in January. And if the economy improves at the pace the Fed expects, then the market could foresee the bond-purchase program coming to an end by late next year. The Federal Open Market Committee stressed its commitment to low short-term interest rates well after bond purchases end altogether and added new language that it plans to maintain the target Fed funds rates ‘well past the time that the unemployment rate declines below 6.5%’.

On the economy front, construction on new US homes soared 22.7% in November to a seasonally adjusted annual rate of 1.09 million, the highest rate since February 2008, with surges for single-family homes and apartments. Starts for single-family homes rose 20.8% in November to a rate of 727,000, the highest rate since March 2008, according to the US Department of Commerce. Besides, the government reported that building permits, a sign of future demand, fell 3.1% in November to an annual rate of 1.01 million. Permits for single-family homes rose 2.1% to a rate of 634,000, the highest rate since April 2008. Meanwhile, permits in buildings with at least five units dropped 11.5%.

The Dow Jones Industrial Average added 292.71 points or 1.84 percent to 16,167.97, the S&P 500 was up 29.65 points or 1.66 percent to 1,810.65, while Nasdaq gained 46.38 points or 1.15 percent to 4,070.06.

Indian ADRs closed in green on Wednesday; HDFC Bank was up 2.19%, ICICI Bank was up 1.71%, Dr. Reddy’s Lab was up 0.58%, Infosys was up 0.33% and Tata Motors was up by 0.27%.   

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