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  3. US markets closed lower on weak economic data

US markets closed lower on weak economic data

26 Feb 2014 Evaluate

The US markets closed lower on Tuesday, as gloomy reports on home prices and consumer confidence dampened the mood. The losses came a day after US stocks made big gains, as investors were buoyed by the recent flurry of corporate deals and stock buybacks. Americans feel better about the current health of the economy but they are less certain conditions will improve much in the next six months. The consumer confidence index fell to 78.1 in February from 79.4 in January. The decline resulted entirely from reduced expectations for the months ahead. How consumers assess the economy right now reached its highest level in nearly six years. The drop in overall consumer confidence stemmed from sharp decline in the so-called expectations index that asks Americans whether they think the economy will be the same, better or worse in six months.

Meanwhile, the pace of US home-price growth slowed down at the end of 2013, but despite this the year saw the fastest calendar-year price growth in eight years. US home prices ticked down 0.1% in December, declining for a second month, with 11 of 20 tracked cities posting drops. After seasonal adjustments, home prices in December rose 0.8%, down a bit from 0.9% in November. On a year-over-year basis, home prices rose 13.4% in December, the fastest calendar-year growth since 2005, supported by a low inventory of homes available for sale.

The Dow Jones Industrial Average lost 27.48 points or 0.17 percent, to 16,179.66. The Nasdaq Composite was down by 5.38 points or 0.13 percent, to 4,287.59 and the S&P 500 was down 2.49 points or 0.13 percent, to close at 1,845.12.

The Indian ADRs closed mixed on Tuesday; Infosys was down by 0.29%, HDFC Bank was down 0.18% and Tata Motors was down by 0.02%. On the other hand, Dr. Reddy’s Lab was up 0.13% and ICICI Bank was up by 0.06%.

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