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  3. US markets gain as trade deficit falls

US markets gain as trade deficit falls

08 Jan 2014 Evaluate

The US markets edged higher on Tuesday, helped by data showing a smaller-than-expected trade gap. Falling imports of foreign oil pulled the US trade deficit down in November to its lowest level in four years, offering further evidence that the economy grew faster in the final months of 2013 than previously projected. The Commerce Department stated that the nation’s trade deficit dropped to a seasonally adjusted $34.3 billion from a revised $39.3 billion in October. A smaller trade deficit increases gross domestic product because it means Americans are selling more US-produced goods and services overseas while buying less from foreign nations. Besides, US home prices edged up in November. Prices rose 0.1% on a monthly basis to take year-on-year gains to 11.8%, the 21st straight month of year-over-year gains. CoreLogic’s pending home price forecast a 0.1% monthly drop for December and a year-on-year gain of 11.5% -- which would be the best year since 2005.

Meanwhile, six Senate Republicans voted with Democrats to advance a bill to renew jobless benefits, but the long-term unemployed won’t get those benefits just yet. The bill still faces a final vote in the Senate and a skeptical House. House Speaker John Boehner reiterated that the benefits should be paid for with other cuts and that President Barack Obama should offer a plan to put people back to work.

The Dow Jones Industrial Average gained 105.84 points or 0.64 percent to 16,530.94, the S&P 500 was up 11.11 points or 0.61 percent to 1,837.88, while Nasdaq added 39.50 points or 0.96 percent to 4,153.18.

Indian ADRs closed mixed on Tuesday; Dr. Reddy’s Lab was up 0.42%, ICICI Bank was up 0.27% and Tata Motors was up 0.07%. On the other hand, Infosys was down 0.22% and Wipro was down 0.04%.

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