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  3. US markets gain; Nasdaq saw worst week in 17 months

US markets gain; Nasdaq saw worst week in 17 months

29 Mar 2014 Evaluate

The US markets closed in green on Friday, paring most of its gains from an early morning rally. The Nasdaq Composite saw the worst week in 17 months, after a week-long selloff in biotech dragged the index down. On the economy front, consumer spending in the US rose in February at the fastest rate since November as Americans spent more on health care and utilities, but purchases of durable goods fell for the third straight month in a negative sign. Spending climbed 0.3% last month on a seasonally adjusted basis. Personal income also rose 0.3% in February. Also, inflation as gauged by the core PCE price index posted a slight 0.1% increase in February, and it’s up just 1.1% over the past 12 months. The overall PCE index also rose 0.1% last month and its climbed 0.9% in the past year, offering further evidence that inflation remains muted. Separately, consumer sentiment declined to a final March reading of 80 -- the lowest level since November -- from a final February level of 81.6. A preliminary March reading pegged the level at 79.9.

Meanwhile, Chicago Federal Reserve Bank President Charles Evans stated that the US Federal Reserve will need to keep rates at rock bottom until late 2015. Evans added that raising rates earlier, whether to head off the risk of financial instability or unacceptably high inflation, could dangerously depress already low inflation and derail a recovery that is finally gaining steam. Evans added that there are no signs inflation is set to rise, as many had warned that it would happen if the Fed continues to pin rates at zero.

The Dow Jones Industrial Average added 58.83 points or 0.36 percent, to 16,323.06, the Nasdaq Composite was up by 4.53 points or 0.11 percent, to 4,155.76, while the S&P 500 gained 8.58 points or 0.46 percent, to close at 1,857.62.

The Indian ADRs closed mostly in green on Friday; Dr. Reddy’s Lab was up 0.83%, Tata Motors was up 0.37% and Infosys was up 0.33%. On the other hand, ICICI Bank was down 0.18% and HDFC Bank was down by 0.02%. 

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