US Markets End Higher On Strong Economic Data (18-Jan-2012)
The US markets closed higher on Tuesday, as investors welcomed several signs of improving global economic growth. The major indices edged higher after China reported faster than expected economic expansion, German confidence rebounded and New York manufacturing activity improved in January. However, the gains got trimmed as investors turned cautious on financial-sector earnings ahead in the wake of mixed results from Citigroup Inc. and Wells Fargo & Company. Citigroup reported a fourth-quarter profit decline while Wells Fargo reported a fourth-quarter rise in income. New York manufacturing activity improved in January, according to a report released by the Federal Reserve Bank of New York. The New York Fed stated its general business conditions index climbed to 13.5 in January from a revised 8.2 in December.
Also, Government figures from China illustrated the slowdown in that nation's economic growth in the fourth quarter of 2011 to have been less than thought, with Beijing pegging China's growth rate stood at 8.9%.
In Europe, despite Standard & Poor followed up on its recent downgrade of nine European countries by cutting the credit rating of the European Financial Stability Facility, still Spanish and Greek borrowing costs declined at auctions, curbing worry about how both nations would finance their deficits. Yet Greece could default as government talks with creditors stalled ahead of a March 20 bond payment of 14.5 billion euros, or $18 billion.
The Dow Jones Industrial Average closed higher by 60.01 points, or 0.48 percent, at 12,482.10. The S&P 500 was up by 4.58 points, or 0.36 percent, at 1,293.67, while the Nasdaq closed up 17.41 points, or 0.64 percent, at 2,728.08.
Indian ADRs closed in green on Tuesday, Tata Motors was up 0.88%, Infosys Technologies was up 0.84%, HDFC Bank was up 0.66%, Sterlite Industries was up 0.66% and Wipro was up 0.31%.
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