US markets slip as Obama warns of Ukraine tension

27 Mar 2014 Evaluate

The US markets closed lower on Wednesday, after mid-afternoon selling intensified when President Barack Obama called for further economic sanctions against Russia over its annexation of Crimea. Investors around the world have been waiting to see what kind of reaction the United States and the EU would really take regarding Russia’s annexation of Crimea beyond sanctions. Ukraine and the International Monetary Fund are nearing the end of bailout talks as the US and its European allies warned they’ll further penalize Russia if it intensifies the crisis.

On the economy front, orders for durable goods rose 2.2% in February to mark the biggest gain in three months, but the details of the report showed widespread weakness and signaled that business investment is unlikely to give first-quarter growth much of a boost. Orders for durable goods climbed last month to a seasonally adjusted $229.4 billion, but the increase was largely spearheaded by a snapback in demand for autos and commercial aircraft. The sluggish pace of business investment, if it continues, could imperil forecasts for faster US growth this year.

Meanwhile, Federal Reserve Bank of St. Louis President James Bullard stated that policy makers haven’t committed to a specific month to end bond purchases even as it would take a significant shift in the outlook to alter the path of tapering. Bullard, who doesn’t vote this year on the Federal Open Market Committee, added that the central bank, at the same time, would probably change the path of reducing bond-buying only if the economy was moving off track in a significant way from what we had previously expected. He doesn’t think policy has really changed and that Yellen’s six-month comment wasn’t that different from what financial-market participants were already expecting.

The Dow Jones Industrial Average lost 98.89 points or 0.60 percent, to 16,268.99, the Nasdaq Composite was down by 60.69 points or 1.43 percent, to 4,173.58, while the S&P 500 dropped 13.06 points or 0.70 percent, to close at 1,852.56.

The Indian ADRs closed mostly in green on Wednesday; Tata Motors was up 0.74%, ICICI Bank was up 0.54% and HDFC Bank was up by 0.51%. On the other hand, Dr. Reddy’s Lab was down 0.91% and Wipro was down 0.05%.

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