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  3. US markets made a mixed closing despite good jobs data

US markets made a mixed closing despite good jobs data

08 Mar 2014 Evaluate

The US markets failed to sustain an early upmove and once again ended mixed on Friday, though all the major indices logged the week of gains. The early gains came on a report from the Labor Department showing stronger than expected job growth in the month of February. The report showed that non-farm payroll employment rose by 175,000 jobs in February compared to economist estimates for an increase of about 150,000 jobs. Additionally, the report showed a net upward revision to the two previous months of 25,000 jobs, with employment in December and January rising by 84,000 jobs and 129,000 jobs, respectively. The Labor Department also said average hourly earnings rose 0.4 percent in February, representing the strongest monthly growth since June of last year. Traders turned cautious as, despite the continued job growth, the unemployment rate edged up to 6.7 percent in February after dipping to a five-year low of 6.6 percent in January.

Also, the Commerce Department reported that the US trade deficit edged slightly wider in the month of January. The US trade deficit expanded to $39.1 billion in January, from $38.98 billion in December, whose figure was revised from a previously estimated deficit of $38.7 billion.

The Dow gained 30.83 points or 0.2 percent to 16,452.72 and the S&P 500 was marginally up by 1.01 points or 0.1 percent to 1,878.04, while the Nasdaq dipped 15.90 points or 0.4 percent to 4,336.22.

The Indian ADRs closed mostly lower on Friday, ICICI Bank was up by 1.26% and HDFC Bank was up by 1.82%.On the other hand, Wipro was down by 0.40%, Tata Motors was down by 0.68% and Infosys was down by 2.64%.

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