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US markets ends higher despite weak economic data from China
Date: 11-08-2012US markets ended higher on Friday despite weak economic data from China and the S&P managed to extend its rally for the sixth straight day. Investor sentiment were buoyed by expectations that central banks across the globe would loosen monetary policy further after report that China’s exports grew just one percent in July year-on-year to $176.9 billion, while imports rose 4.7 percent to $151.8 billion, cutting the trade surplus to $25.1 billion from $31.7 billion in June, implying that more urgent government action may be needed to stabilize the economy. The European Central Bank too is expected to act by September. Meanwhile, the much talked about listing of Manchester United remained a non affair and its shares ended flat on its debut day of trading.
The US Department of Agriculture said that production of US corn and soybeans is expected to be down 17 percent from its forecast last month of nearly 13 billion bushels, and 13 percent lower than last year. It was the second month in a row when the USDA has cut its production estimate.
The Dow Jones industrial average gained 42.76 points, or 0.32 percent, to 13,207.95. The Standard & Poor's 500 Index added 2.97 points, or 0.21 percent, to 1,405.77, while the Nasdaq Composite Index was higher by 2.22 points, or 0.07 percent, to close at 3,020.86.
Indian ADRs made a mixed closing on Friday, HDFC Bank was up by 0.26%, Infosys was up by 0.20%, Wipro was up by 0.08% and Sterlite Inds was up by 0.06%.