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  3. US markets extend losses on worries over Ukraine

US markets extend losses on worries over Ukraine

15 Mar 2014 Evaluate

The US markets closed lower on Friday, as worries over the looming vote in Crimea weighed on sentiment. While global markets have been sensitive to the events in Ukraine, worries over China’s economy continued to simmer in the background as well. On the economy front, a gauge of consumer sentiment declined in March to hit the lowest level in four months, cut by weaker expectations for the economy. The gauge from the University of Michigan and Thomson Reuters fell to 79.9 this month from a final February level of 81.6. US wholesale prices fell a seasonally adjusted 0.1% in February to mark the first decline in three months. The price of wholesale goods climbed by 0.4% in February while services retreated by 0.3%. Excluding the volatile categories of food, energy and trade, so-called core wholesale prices rose 0.1% for the second straight month. Personal consumption, a new gauge that could foreshadow changes in the consumer price index, decreased 0.2% in February. Over the past year the producer price index has risen an unadjusted 0.9%, down from 1.2% in January, in another sign of slack inflationary pressure in the economy.

Meanwhile, the Federal Reserve’s balance sheet swelled to $4 trillion at the end of 2013 as it made massive asset purchases to support the US economy. The Fed, in a report of its 2013 financial results, stated that net assets increased by $1.1 trillion compared with its balance on December 31, 2012.

The Dow Jones Industrial Average lost 43.22 points or 0.27 percent, to 16,065.67, the Nasdaq Composite was down by 15.02 points or 0.35 percent, to 4,245.40, while the S&P 500 dropped 5.21 points or 0.28 percent, to close at 1,841.13.

The Indian ADRs closed mostly in green on Friday; Dr. Reddy’s Lab was up 0.89%, HDFC Bank was up 0.46%, Infosys was up by 0.45% and Tata Motors was up by 0.22%. On the other hand, Wipro was down by 0.17%.

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