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  3. US markets snap 4-day wining streak

US markets snap 4-day wining streak

13 Feb 2014 Evaluate

The US markets closed mostly lower on Wednesday, as investors paused after the largest four session rally in more than a year, while the Nasdaq Composite managed a small gain. The Senate passed an extension of the US borrowing limit into March 2015, after a nail-biter of a vote that saw Minority Leader Mitch McConnell agree to advance the bill unpopular with many Republicans. By a vote of 55 to 43, the Senate passed an extension of the borrowing limit through March 15, 2015. The measure had none of the conditions or amendments initially sought by Republicans. The bill now goes to President Barack Obama for signature. Besides, the numbers reported by the Treasury Department are further evidence of the brightening fiscal picture. For the fiscal year to date, the government’s budget deficit has dropped 37% compared to the year-ago period.

Meanwhile, Federal Reserve Bank of St. Louis President James Bullard stated that Fed will probably signal the path for interest rates based on qualitative judgments of the economy, moving away from a pledge to begin considering higher rates when unemployment falls below 6.5 percent. Bullard added that the policy thresholds -- committing the Fed to record low rates so long as the outlook for inflation doesn’t exceed 2.5 percent and unemployment is 6.5 percent or higher -- have been very useful and served their purpose by anchoring interest-rate expectations when unemployment was much higher.

The Dow Jones Industrial Average lost 30.83 points or 0.19 percent to 15,963.94 and the S&P 500 was down by 0.49 points or 0.03 percent to 1,819.26 while Nasdaq added 10.24 points or 0.24 percent to 4,201.29.

Indian ADRs closed mostly in red on Wednesday; Dr. Reddy’s Lab was down 0.22%, HDFC Bank was down 0.19% and Infosys was down 0.12%. On the other hand, ICICI Bank was up 0.53% and Tata Motors was up 0.14%.

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