US markets close mostly lower on disappointing results

17 Jan 2014 Evaluate

The US markets closed mostly lower on Thursday, snapping a two-day rally, after disappointing results from Best Buy Co. Inc., Citigroup Inc. and Goldman Sachs Group Inc. On the economy front, prices for consumer goods and services climbed in December at the fastest pace in five months, spurred by higher costs of energy and housing. Yet inflation for the full year was quite tame. The consumer price index advanced a seasonally adjusted 0.3% in December. For the full year the increase in consumer prices tapered off to 1.5% from 1.7% in 2012. The core CPI, which excludes volatile food and energy costs, rose a smaller 0.1%. A gauge of home-builder confidence declined in January after jumping up in December, but still signaled that builders are optimistic about sales. The National Association of Home Builders/Wells Fargo housing-market index reached 56 this month, a tick down from 57 in December.

On the other hand, the number of Americans who applied last week for unemployment benefits fell slightly and is now back to a level that prevailed shortly before the Thanksgiving holiday, a signal that layoffs remain at a post-recession low. Initial jobless claims dipped by 2,000 to 326,000 in the week ended January 11. That’s the smallest number in six weeks. The average of new claims over the past month, seen as a more reliable gauge, fell by 13,500 to 335,000. That’s the lowest level in five weeks. The Philadelphia Fed’s manufacturing index edged up to a reading of 9.4 in January from a downwardly revised 6.4 reading in December. The index has been in positive territory for eight straight months.

Meanwhile, House Speaker John Boehner stated that the US shouldn’t default on its debt. Earlier, Treasury Secretary Jack Lew had urged Congress to act quickly to raise the US debt limit, which is suspended through February 7. Lew added that the so-called extraordinary measures to remain under the borrowing limit may run out at the end of February rather than in March. Republicans have stated that they will demand some sort of concessions for raising the borrowing limit, but Boehner offered no details.

The Dow Jones Industrial Average lost 64.93 points or 0.39 percent to 16,417.01, the S&P 500 dropped 2.49 points or 0.13 percent to 1,845.89 while the Nasdaq added 3.81 points or 0.09 percent to 4,218.69.

Indian ADRs closed mixed on Thursday; Tata Motors was down by 0.81%, HDFC Bank was down by 0.35% and ICICI Bank was down 0.26%. On the other hand, Wipro was up 0.75% and Infosys was up 0.71%.

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