Indian ADRs close mixed on Friday
The U.S. stock market pared most of its gains on Friday, 28 March 2014 after an early morning rally following generally positive consumer spending data petered out by mid-afternoon. The stock market finished a cautious week on a modestly higher note, but kept only a portion of its opening gain. Equity indices had began the day on a strong note with the Nasdaq leading the way. The tech-heavy index displayed early strength thanks to gains in biotechnology sector.
While going into close, the Dow Jones Industrial Average closed up 58.83 points at 16,323.06 and is 0.1% higher on the week. The Nasdaq Composite finished the day up 4.53 points, or 0.1%, at 4,155.76. The tech-heavy index is down 2.8% for the week. The S&P 500 ended the day 8.58 points, or 0.5%, higher at 1,857.62, and recorded a 0.5% loss for the week.
The consumer discretionary sector led the rally. Also of note, the energy sector outperformed for the second day in a row, bringing its weekly gain to 2.5%. The sector drew strength from Dow component ExxonMobil which gained 1.5% while crude oil added 0.4% to $101.67/bbl.
Among economic data expected for the day, personal income increased 0.3% for a second consecutive month in February. The consensus expected income to increase 0.2%.
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The University of Michigan Consumer Sentiment Index was revised up to 80.0 in the final March reading from 79.9 in the preliminary reading (consensus 80.0). Sentiment is still below the 81.6 final reading from February. There was a divergence between the March Conference Board's Consumer Confidence and the University of Michigan Consumer Sentiment indicators.
BlackBerry shares slumped 7% after reporting an adjusted per-share loss that was less than expected. The company said it anticipates maintaining a strong cash position and is targeting break-even cash-flow results by the end of fiscal 2015.
Trading volume was on the light side with just over 620 million shares changing hands at the NYSE.
April gold spent most of Friday's trade in negative territory, dipping to a session low of $1285.90 per ounce shortly after equity markets opened. It touched a session high of $1296.50 per ounce but retreated back into the red. It settled 0.1% lower at $1293.90 per ounce, booking a 3.1% loss for the week. May silver touched a session high of $19.89 per ounce after lifting from its session low of $19.66 per ounce set in early morning action. It settled 0.4% higher at $19.78 per ounce, booking a 2.6% weekly loss.
May crude oil pulled back from its session high of $102.24 per barrel set in morning action but managed to stay in positive territory. It brushed a session low of $101.40 per barrel and eventually settled at $101.67 per barrel, or 0.4% higher. Friday's advance brought gains for the week to 2.2%.
May natural gas touched a session high of $4.56 per MMBtu as pit trade opened but quickly slipped into negative territory. Unable to find buying support, it settled 1.1% lower at its session low of $4.48 per MMBtu. Despite the loss, natural gas gained 4.2% for the week.
Indian ADRs closed mixed on Friday. Among banks, ICICI Bank was down 0.41% to $43.78 per ADR and HDFC Bank declined 0.05% to $40.39. However, in the technology space, Infosys rose 0.62% to $53.93 and Wipro was up 1.78% to $13.15. Among others, Tata Motors climbed 1.08% to $34.58 and Dr Reddy's Labs advanced 1.92% to $43.95.
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