US markets gain on upbeat manufacturing data

16 Jan 2014 Evaluate

The US markets surged on Wednesday, with the S&P 500 closing at a record high, as investors took note of upbeat manufacturing data. Upbeat earnings results from Bank of America too underpinned gains for the financial sector of the S&P 500, the second best performing of the 10 after telecoms. The manufacturing activity strengthened in the New York region in January, bolstering views that the nationwide factory sector will continue to be strong in 2014. The Empire State index jumped to 12.5 in January, much better than a revised 2.2 in December. This is the highest level since May 2012 and follows three soft readings. The US wholesale prices rose in December for the first time in three months, largely reflecting higher costs of gasoline and tobacco, but there were few signs of any inflationary pressure in the economy. The producer price index advanced a seasonally adjusted 0.4% last month to record the biggest gain since June. Stripping out the volatile food and energy categories, core wholesale prices rose 0.3%. The core index is viewed as a more accurate gauge of long-term inflation trends, but it’s only risen 1.4% in the past 12 months.

Meanwhile, the Federal Reserve released a report, known as the Beige Book, saying the US economy is continuing to grow at a moderate pace and the economic outlook is positive, confirming recent economic indicators. The Beige Book found that consumer spending was higher, manufacturing continued to grow steadily and real estate continued to improve. Two-thirds of the 12 districts reported increases in hiring. Wage and price pressures were seen as contained. Some service-sector firms are planning to raise selling prices in the near term.

The Dow Jones Industrial Average gained by 108.08 points or 0.66 percent to 16,481.94, the Nasdaq added by 31.86 points or 0.76 percent to 4,214.88 and the S&P 500 gained 9.50 points or 0.52 percent to 1,848.38.

Indian ADRs closed mostly in red on Wednesday; Infosys was down 0.54%, Dr. Reddy’s Lab was down 0.22% and Tata Motors was down by 0.22%. On the other hand, HDFC Bank was up by 1.06% and ICICI Bank was up by 0.27%.

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