US Markets Climb Up On Upbeat Economic Data (20-Jan-2012)
The US markets closed higher on Thursday, extending their 2012 advance, after weekly jobless claims fell more than anticipated while consumer prices remained unchanged. Though, the Dow average had briefly dropped into the red but then rebounded, after an index of Philadelphia-area manufacturers reported a slight increase in activity in January. Investors were back to the markets as jobs and housing data showed that the worst is over, plus data signaling inflation pressure remain subdued. First-time claims for US employment benefits dropped more than anticipated in the week ended January 14, according to a report released by the US Labor Department. The report showed that weekly jobless claims fell to 352,000 from the previous week's revised figure of 402,000. Separately, a report showed that US consumer prices remained unchanged for the second consecutive month in December. Excluding food and energy prices, consumer prices rose 0.1% in December. Though, US housing starts fell more than estimated in December, according to data released by the US Commerce Department. New homes starts fell off to a seasonally adjusted annual rate of 657,000 in December, 4.1% below the November level.
The European markets successfully concluded debt sale by Spain and France. Investors were optimistic on the outcome as the Greek government heads into a second day of talks with private creditors on a crucial bond swap deal. Greece is expected to lower its debt by €100 billion in the next three years and exchange a new security that pays less than 4% interest rate.
The Dow Jones Industrial Average closed higher by 45.03 points, or 0.36 percent, at 12,624.00. The S&P 500 was up by 6.46 points, or 0.49 percent, at 1,314.50, while the Nasdaq closed up 18.62 points, or 0.67 percent, at 2,788.33.
Indian ADRs closed mixed on Thursday, ICICI Bank was up 1.63%, HDFC Bank was up 1.02% and Dr. Reddy's Lab was up 0.75%. On the flip side, Infosys Technologies was down 0.10% and MTNL was down by 0.01%.
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