The US markets edged higher on Friday, but closed mostly lower for the week, as optimism grew that lawmakers would reach a deal to end America’s budget standoff. A partial US government shutdown entered a fourth day amid wrangling by lawmakers over the budget and debt limit. Boehner called for Democrats to negotiate and criticized a Democratic aide who stated that the party is winning. Later, President Barack Obama responded by saying that no one is winning. The latest news on the shutdown also includes senior Republicans shifting away from their drive to undercut the Affordable Care Act and instead focusing on a broader budget deal that would include raising the debt ceiling. Due to the shutdown, the government’s monthly jobs report didn’t come out as usual, taking away a critical bit of economic data from Fed policy makers seeking to make a data-dependent decision on when to taper their bond-buying program.
Meanwhile, Federal Reserve Bank of San Francisco President John Williams estimated that a two-week government halt would trim 0.25 percentage point off fourth-quarter economic growth. Dallas Fed President Richard Fisher stated that central bankers were divided in September over whether to taper their bond-buying program, calling it a close call. Atlanta Fed President Dennis Lockhart added that the shortage of economic news would tend to make me somewhat more cautious about reducing the pace of bond purchases.
The Dow Jones Industrial Average added 76.10 points or 0.51 percent to 15,072.60, the S&P 500 was up 11.84 points or 0.71 percent to 1,690.50, while Nasdaq gained 33.41 points or 0.89 percent to 3,807.75.
Indian ADRs closed mostly in green on Friday; Tata Motors was up 0.84%, Dr. Reddy’s Lab was up 0.25% and Infosys was up 0.25%. On the other hand, ICICI Bank was down by 0.82% and HDFC Bank was down 0.03%.
Source:-berkeleygains.com
Meanwhile, Federal Reserve Bank of San Francisco President John Williams estimated that a two-week government halt would trim 0.25 percentage point off fourth-quarter economic growth. Dallas Fed President Richard Fisher stated that central bankers were divided in September over whether to taper their bond-buying program, calling it a close call. Atlanta Fed President Dennis Lockhart added that the shortage of economic news would tend to make me somewhat more cautious about reducing the pace of bond purchases.
The Dow Jones Industrial Average added 76.10 points or 0.51 percent to 15,072.60, the S&P 500 was up 11.84 points or 0.71 percent to 1,690.50, while Nasdaq gained 33.41 points or 0.89 percent to 3,807.75.
Indian ADRs closed mostly in green on Friday; Tata Motors was up 0.84%, Dr. Reddy’s Lab was up 0.25% and Infosys was up 0.25%. On the other hand, ICICI Bank was down by 0.82% and HDFC Bank was down 0.03%.
Source:-berkeleygains.com