US Markets Declines On Home Sales Data (27-Jan-2012)
The US markets closed lower on Thursday, after new home sales fell unexpectedly in December and dropped 6.2% to a record low in 2011. The Commerce Department stated that US sales of new homes fell 2.2% in December to a seasonally adjusted annual rate of 307,000. For all of 2011, sales of new homes fell 6.2% to 302,000 -- the worst on record. Also, weekly jobless claims rose after dropping to a four-year low. First-time claims for US unemployment benefits increased in the week ended January 21st. The claims had declined to nearly a four-year low in the previous week. Also bolstering sentiment, data from the Commerce Department had orders for US durable goods rising 3% in December. The durable goods orders increased and core orders excluding volatile transport and defense orders gained 2.9% indicating a tentative strength in business spending. Separately, the Conference Board stated that its leading economic index for the US increased 0.4% in December following a revised 0.2% rise in November.
In Europe, Italy raised €5 billion from an auction of short-term debt as borrowing costs fell. However, European leaders struggle to decide the size of the rescue fund and the impasse between Greece and its private lenders continues with no solution so far regarding the debt swap ratio.
The Dow Jones Industrial Average closed lower by 22.33 points, or 0.18 percent, at 12,734.60. The S&P 500 was down by 7.63 points, or 0.58 percent, at 1,318.43, while the Nasdaq closed down 13.03 points, or 0.46 percent, at 2,805.28.
Indian ADRs closed mixed on Thursday, Dr. Reddy's Lab was up 0.68%, Infosys Technologies was up 0.61% and Tata Motors was up 0.14%. On the flip side, HDFC Bank was down 0.43% and ICICI Bank was down 0.35%.
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