US markets closed mostly down on disappointing economic data

06 Mar 2014 Evaluate

The US markets closed mostly lower on Wednesday, finishing a choppy trading day, reacting mildly to the mostly disappointing economic reports. The companies that employ roughly 80% of American workers grew more slowly in February and their workforces contracted for the first time in more than two years. The Institute for Supply Management stated that its non-manufacturing index dropped to 51.6% last month from 54% in January. The readings over 50% signal more companies are expanding instead of shrinking. The index is compiled from a survey of senior executives who buy supplies for their companies. Separately, private-sector employment slightly picked up in February but remained slow after unusually poor weather, Automatic Data Processing Inc. reported. Private-sector employers added 139,000 jobs last month, up from a revised 127,000 in January, but down from 205,000 in February 2013.

Meanwhile, the Federal Reserve reported in its so called Beige Book that US economic conditions in January and early February were difficult to discern due to severe cold temperatures and a series of storms that left much of the country trapped under snow and ice. The assessment is not likely to stop the Fed from continuing its steady reduction in monthly asset purchases. Fed Chairwoman Janet Yellen added that it might be months before the Fed gets a good reading of economic conditions. The Beige Book stated that eight of the 12 Fed districts reported that economic conditions continued to expand though February 24. The Fed survey found that employment levels improved gradually. There were no signs of inflation as price pressures were seen as subdued.

The Dow Jones Industrial Average lost 35.70 points or 0.22 percent, to 16,360.18, the S&P 500 inched lower by 0.10 points or 0.01 percent, to close at 1,873.81 while the Nasdaq Composite was up by 6.00 points or 0.14 percent, to 4,357.97.

The Indian ADRs closed mostly in green on Wednesday; ICICI Bank was up by 1.18%, Infosys was up by 0.65% and HDFC Bank was up 0.59%. On the other hand, Tata Motors was down 0.35% and Wipro was down 0.01%.

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