US Market Closed On A Mixed Note As Economic Data Disappoints (01-Feb-2012)
The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates and business activity cooled in January casting doubt on the strength of the US economy. Both the Dow Jones Industrial Average and the S&P 500 recorded their best percentage jump for the month of January since 1997. The Nasdaq Composite recorded its best January since 2001. The markets turned lower after a gauge of confidence among US consumers unexpectedly fell in January. The Conference Board's sentiment index declined to 61.1 from a revised 64.8 in December. Also, the Institute for Supply Management-Chicago reported its gauge of business activity declined to 60.2 in January from 62.2 last month. Another report had residential real estimate prices dropping more than expected in November. The S&P/Case Shiller Composite, the controversial index tracking metropolitan homes prices declined 0.7% in November and extended declines by the same amount in October and September. Separately, the Commerce Department stated home ownership declined to 66% in the fourth quarter from the 66.3% in the third and hovered near the lowest level since 1998.
Meanwhile, the European Union leaders finalized a treaty at a meeting in Brussels that quickens sanctions on nations running high deficits. European Union leaders, meeting in Brussels yesterday, completed a fiscal-discipline treaty that speeds sanctions on high-deficit states. Besides, Greek Prime Minister Lucas Papademos stated that he is strongly committed to reaching a debt-swap pact with bondholders. However, euro area jobless rate remain unchanged but stayed above 10% in December as Spanish jobless rate rose to 22.9% and Greek rate to 19.2%.
The Dow Jones Industrial Average closed lower by 20.81 points, or 0.16 percent, at 12,632.90. The S&P 500 was down by 0.60 points, or 0.05 percent, at 1,312.41, while the Nasdaq closed up 1.90 points, or 0.07 percent, at 2,813.84.
Indian ADRs closed in green on Tuesday, ICICI Bank was up by 1.60%, Infosys Technologies was up 0.70%, Dr. Reddy's Lab was up 0.66%, Tata Motors was up 0.50% and HDFC Bank was up by 0.42%.
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