Indian ADRs end strictly higher led by Tata Motors and Wipro
US stocks ended with moderate gains at Wall Street on Tuesday, 12 August 2013. Stocks slipped out of the gate after this morning's Treasury sell off in reaction to July retail sales suggested the market believes the report strengthened the case for the Fed to start scaling back its asset purchases at the September meeting.
The Dow Jones Industrial Average ended at 15,451.01, up 31.33 points, or 0.2%. The S&P 500 index rose 4.69 points, or 0.3%, to 1,694.16, with technology and financials the best performing of its 10 major sectors. The Nasdaq Composite gained 14.49 points, or 0.4%, to 3,684.44.
Hewlett-Packard paced blue-chip gains, up 2.1%, after being placed on Citigroup focus list.
Among economic data expected at Wall Street today, July retail sales increased 0.2% after increasing an upwardly revised 0.6% in June. The consensus expected sales to increase 0.2%. Excluding motor vehicle sales, which fell 1.0%, spending rose a solid 0.5% in July. That was up from a 0.1% gain in June and above the consensus expectation that called for an increase of 0.3%.
In today's remaining economic news, total business inventories were unchanged in June after falling a downwardly revised 0.1% (from +0.1%) in May. The consensus expected business inventories to increase 0.1%.
Among major stocks under focus, Apple jumped 4.8% after Icahn revealed his large position in the stock and amid reports that the consumer-technology company will unveil a new iPhone on Sept. 10.
J.C. Penney retreated 3.7% after activist investor Bill Ackman resigned from the retailer's board, ending efforts to oust CEO Mike Ullman. Yum Brands declined 2% a day after the operator of fast-food chains KFC and Taco Bell said sales in China fell last month.
In the European Union on Tuesday, it was reported industrial output rose by 0.7% from May to June. In the second quarter, output was up 1.1% from the first quarter. The closely watched German ZEW economic expectations index for August came in at 42.0 versus 36.3 in July. The data hints the Euro zone economy is also on the upswing.
Many believe this week's U.S. data will show an improving U.S. economy, one that is possibly strong enough to begin to wean it from the Fed's monthly bond-buying program, also known as quantitative easing.
The U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.3% on Tuesday.
Bullion metal prices ended mixed on Tuesday, 13 August 2013 at Comex. Gold futures fell on Tuesday after a four-day winning streak, pressured by strength in the dollar and concerns that improving economic data suggest that the U.S. Federal Reserve will soon begin to taper its bond purchase program. Silver ended marginally higher
Gold for December delivery ended lower by $13.7 (1%) at $1,320.5 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday. September silver ended higher by $0.05 (0.01%) at $21.34 an ounce on Tuesday.
Crude-oil prices ended higher on Tuesday, 13 August 2013 at Nymex. Oil futures finished higher on Tuesday as export disruptions in Libya ahead of reports that are expected to show declines in U.S. crude inventories helped prices tally a three-session gain of more than 3%. Light and sweet crude for September ended higher by $0.72 (0.7%) at $106.83 a barrel on the New York Mercantile Exchange on Tuesday.
For every two shares rising, roughly three fell on the New York Stock Exchange, where 618 million shares traded. Composite volume topped 3 billion.
Indian ADRs ended higher on Tuesday. In the IT space, Infosys was up 1.7% and Wipro was up 4.9%. In the Banking space, HDFC Bank was up 3.8% and ICICI Bank was up 3.8%. In other space, Tata Motors was up 7.1%, and Sterlite was unchanged.
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while July PPI and core PPI will cross the wires at 8:30 ET.
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