Indian ADRs end strictly higher led by banking and tech ADRs
US stocks ended with strong gains on Tuesday, 04 March 2014 at Wall Street. The U.S. stock market finished Tuesday with the best gains this year as the S&P 500 closed at another record high. The overnight strength came about after it was reported that Russian President Vladimir Putin called back the troops that were conducting exercises on the country's border with Ukraine.
The Dow Jones Industrial Average gained 227.85 points, or 1.4%, to 16,395.88. The Nasdaq Composite gained 74.67 points, or 1.8%, to 4,351.97. The S&P 500 index finished near session highs, adding 28.18 points, or 1.5%, to 1,873.91 at the close.
All ten economic sectors ended higher led by financial and health-care sectors. All thirty Dow components ended higher.
Traders and investors on Tuesday perceived the situation regarding the Russian military invasion of Crimea and the civil unrest in Ukraine has de-escalated a bit Tuesday, which put some risk appetite back into the world market place. This is likely due to reports Russian President Vladimir Putin has halted his military exercises near the Ukrainian border and ordered troops there back to their bases.
In other news overnight, producer prices in the European Union fell 0.3% in January, and were down 1.3% year-on-year. That's the largest year-on-year drop in producer prices in the Euro zone in over four years. The report underscores there should still be concern in the market place about deflationary price pressures in the European Union.
U.S. economic data released Tuesday was light and had no impact on the market place. The data-point pace picks up as the week progresses. The big economic news of the week will be the European Central Bank's monthly monetary policy meeting on Thursday and the U.S. monthly employment report on Friday.
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Among major stocks under focus, J.C. Penney shares jumped 4.1% after Standard & Poor's Ratings Services on Monday boosted its outlook on the retailer to stable from negative. Tesla Motors shares rose 1.7%. The electric-car company Tuesday announced expansion plans in Europe.
Bullion prices ended lower at Comex on Tuesday, 04 March 2014. Gold prices ended the U.S. day session lower as traders took some profits. A slight de-escalation in the Ukraine crisis also put some risk appetite back into the market place on Tuesday. Gold prices closed lower on Tuesday, losing almost half of what they gained a day earlier as a drop in tensions over Ukraine cost the metal some of its perceived safe-haven attraction.
Gold for April delivery fell $12.40, or 0.9%, to settle at $1,337.90 an ounce on the Comex division of the New York Mercantile Exchange. May silver closed down 26 cents, or 1.2%, to $21.22 an ounce.
Crude Oil futures closed nearly 2% lower on Tuesday, 04 March 2014 at Nymex pulling back from the more than five-month high they made a day earlier as fears over the potential for crude-supply disruptions eased along with tensions between Russia and Ukraine.
Crude oil for April delivery fell $1.59, or 1.5%, to settle at $103.33 a barrel on the New York Mercantile Exchange.
Treasuries spent the entire session in a steady retreat with the 10-yr yield ending at its session high (+9 bps at 2.69%).
Indian ADRs ended higher on Tuesday. In the IT space, Infosys rose 3.24% at $61.87 and Wipro added 3.14% at $14.13. In the banking space, ICICI Bank gained 3.39% at $36.60 and HDFC Bank rose 3% at $34.01. In the other sectors, Tata Motors was up 1.48% at $34.98 and Dr Reddy's Laboratories was up 2.24% at $46.
Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the February ADP Employment Change will be announced at 8:15 ET. The ISM Services report for February will cross the wires at 10:00 ET while the Federal Reserve will release its March Beige Book at 14:00 ET.
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