US markets closed higher for second straight session

The US markets closed higher on Tuesday, shrugging off lackluster corporate results to extend gains for a second session in a row, as energy shares helped prop up the main indexes. On the economy front, US auto sales climbed to a 10-year high in October. The seasonally adjusted annual rate improved to 18.24 million in September from 18.17 million in August. That’s above the 17.6 million rate expected. However, orders for goods produced in US factories fell 1.0% in September to mark the second decline in a row. That was weaker than Wall Street had expected. Orders for durable goods -- products meant to last at least three years -- declined 1.2% in September. Orders for nondurable goods slipped 0.8%. In August, orders fell by a revised 2.1%.

Meanwhile, St. Louis Fed Vice President Stephen Williamson stated that the labor market is tighter now than any time in the past 15 years and the jobless rate could really be as low as 4.6%. The position put forth by Williamson underscores an intense debate inside the central bank about the true health of the nation’s labor market. The Fed is more likely to raise interest rates soon if a majority of its leaders believe jobs are plentiful and that most Americans who want a full-time job can find one.

The Dow Jones Industrial Average added 89.39 points or 0.50 percent to 17,918.15, Nasdaq was up 17.98 points or 0.35 percent 5,145.13, while the S&P 500 gained 5.74 points or 0.27 percent to 2,109.79.

Indian ADRs ended mostly in green, HDFC Bank was up by 0.55%, Tata Motors was up 0.30% and Dr. Reddy’s Lab was up by 0.26%. On the other hand, ICICI Bank was down 0.16% and Wipro was down 0.01%.