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  3. US markets gain for second straight day

US markets gain for second straight day

19 Mar 2014 Evaluate

The US markets edged higher on Tuesday, for a second day in a row, with the S&P 500 ending just shy of all-time highs, as worries faded that Russia’s annexation of Ukraine’s Crimea region would lead to further near-term military conflict. Meanwhile, the Fed will release a policy statement and updated economic forecasts on Wednesday afternoon. Chairwoman Yellen is due to hold a news conference after the meeting, the first to be led by her. On the economy front, consumer prices in the US rose slightly in February because of higher food and housing costs, but overall inflation remained quiet. The consumer price index increased by a seasonally adjusted 0.1% last month. Excluding food and energy, so-called core consumer prices also rose 0.1% in February. Housing costs, the biggest expense for most consumers, advanced 0.2%. Prices also rose for medical care and airline tickets. The core rate is viewed by the Federal Reserve as a more useful gauge of underlying inflationary trends. Over the past 12 months, the core rate of inflation has risen 1.6%, well below the Fed’s limit for inflation.

Meanwhile, construction on new US homes fell slightly in February, but in a sign that work will pick up as the weather warms, builders filed more permits to start new projects such as multi-unit condominiums and apartment buildings. Housing starts fell to an annual rate of 907,000 last month from an upwardly revised 909,000 in January. The requests for new building permits climbed to the highest rate since October and the second highest level since the recession ended in mid-2009.

The Dow Jones Industrial Average added 88.97 points or 0.55 percent, to 16,336.19, the Nasdaq Composite was up by 53.36 points or 1.25 percent, to 4,333.31, while the S&P 500 gained 13.42 points or 0.72 percent, to close at 1,872.25.

The Indian ADRs closed mostly in green on Tuesday; Dr. Reddy’s Lab was up 0.73%, HDFC Bank was up 0.30% and ICICI Bank was up 0.23%. On the other hand, Tata Motors was down by 0.25% and Infosys was down 0.12%.

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