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  3. US markets gain on encouraging jobless data

US markets gain on encouraging jobless data

07 Feb 2014 Evaluate

The US markets edged higher on Thursday, with the best gains in seven weeks as investors welcomed a larger-than-expected drop in weekly jobless claims and upbeat earnings from companies including Walt Disney. The number of people who applied to receive unemployment benefits in the last week of January fell by 20,000, reversing the increase from the week before and signaling that the US labor market continues to gradually improve. Initial jobless claims fell to a seasonally adjusted 331,000 in the seven-days ended February 1 from a revised 351,000 in the prior week. Claims from two weeks ago were 3,000 higher than first reported. The average of new claims over the past month, usually a more reliable gauge than the weekly number, edged down by 250 to 334,000. That put claims close to their level before the Thanksgiving holiday in late November. Besides, US productivity in the fourth quarter grew at a 3.2% annual rate. The gains in productivity over the past two quarters were the highest since the second half of 2009 when the US was emerging from recession. Output of goods and services jumped 4.9% in the fourth quarter, while hours worked rose 1.7%. Unit-labor costs fell 1.6%.

Meanwhile, the trade deficit climbed 12% in December - reversing the sharp drop in November - mainly because the US sold fewer heavy-duty goods such as airplanes to other countries. American exports of petroleum hit another record high, however. The nation’s deficit rose to a seasonally adjusted $38.7 billion from a slightly revised $34.6 billion in November. The trade gap in November was the smallest in four years.

The Dow Jones Industrial Average gained 188.30 points or 1.22 percent to 15,628.53, Nasdaq added 45.57 points or 1.14 percent to 4,057.12, and the S&P 500 was up by 21.79 points or 1.24 percent to 1,773.43.

Indian ADRs closed in green on Thursday; Infosys was up 0.99%, HDFC Bank was up 0.86%, Tata Motors was up by 0.81%, Dr. Reddy’s Lab was up 0.54% and ICICI Bank was up 0.42%.

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