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  3. US markets close lower on weak service-sector data

US markets close lower on weak service-sector data

07 Jan 2014 Evaluate

The US markets closed lower on Monday, with the S&P 500 index falling for a third consecutive session after getting weaker-than-expected services-sector data. The Institute for Supply Management’s services index for December decelerated to 53% from 53.9% in November. The Commerce Department reported that the new-orders index fell 7 points to a reading of 49.4%, the first contraction since July 2009. Any reading above 50% indicates expansion. On the other hand, orders for goods produced in US factories jumped 1.8% in November. Factory orders fell an upwardly revised 0.5% in October. Orders for durable goods - products meant to last at least three years - advanced 3.4% in November. Orders for nondurable goods increased 0.8%.

Meanwhile, the US Senate has confirmed Janet Yellen to serve as the next chair of the Federal Reserve, after Ben Bernanke finishes his second term at the end of the month. Senators voted 56 to 26 in her favor, with many missing the vote because of inclement weather. Eleven Republicans broke party ranks, voting to support Yellen. She will be the first woman to head the Federal Reserve in its 100-year history. Separately, investors are also awaiting the release of minutes from the Federal Reserve’s December meeting, when it announced plans to trim its monthly bond purchases by $10 billion to $75 billion beginning this month.

The Dow Jones Industrial Average lost 44.89 points or 0.27 percent to 16,425.10, the S&P 500 was down 4.60 points or 0.25 percent to 1,826.77, while Nasdaq dropped 18.23 points or 0.44 percent to 4,113.68.

Indian ADRs closed mostly in red on Monday; Infosys was down 0.84%, Dr. Reddy’s Lab was down 0.54%, ICICI Bank was down 0.53% and Tata Motors was down 0.39%. On the other hand, HDFC Bank was up 0.70%.

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