US markets fell on increased tensions between Russia and Ukraine

04 Mar 2014 Evaluate

The US markets closed lower on Monday, as investors remained worried about increased tensions between Russia and Ukraine over the Crimean peninsula which pushed investors to move into safe havens. Russia’s armed invasion over the weekend of the Ukraine overshadowed several better-than-expected economic reports in the US. On the economy front, US manufacturers expanded at a faster pace in February and business would have been even better if not for severe winter weather. The Institute for Supply Management index rose to 53.2% from an eight-month low of 51.3% in January. The rise in the index was stronger than expected. Besides, the final reading of Markit’s US purchasing managers index accelerated to 57.1 in February from an initial flash reading of 56.7. The index was well above the 53.7 reading in January. The final reading for February was the highest level in almost four years.

Meanwhile, consumers boosted spending in January, but most of the increase went to pay for medical care and higher utility bills during an unusually cold winter. Consumer spending rose a seasonally adjusted 0.4% last month, or twice as much as expected. Yet the increase in spending did not appear to be a signal that consumers are feeling increasingly confident about the economy. The average incomes of Americans, meanwhile, climbed 0.3% in January. The rise in income was partly offset by the end of extended unemployment benefits for some 1.35 million Americans on January 1.

Separately, outlays for US construction projects rose 0.1% in January to a seasonally adjusted annual rate of $943.1 billion, led by private projects. Private-construction spending rose 0.5% in January, with a 1.1% increase for residential projects and a 0.2% decline for nonresidential projects. Meanwhile, public-construction spending fell 0.8% in January.

The Dow Jones Industrial Average lost 153.68 points or 0.94 percent, to 16,168.03, the Nasdaq Composite was down by 30.82 points or 0.72 percent, to 4,277.30 while, the S&P 500 dropped 13.72 points or 0.74 percent, to close at 1,845.73.

The Indian ADRs closed in red on Monday; Infosys was down by 1.74%, Dr. Reddy’s Lab was down 0.91%, HDFC Bank was down 0.57%, Tata Motors was down by 0.41% and ICICI Bank was down by 0.28%.

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