Mixed finish for US stocks as Nasdaq lags

Indian ADRs ended mostly lower on Thursday

U.S. stocks ended Thursday's choppy session modestly higher on 19 June 2014, as the S&P 500 eked out a gain. The main benchmarks traded in negative territory most of the session. However, stocks turned positive in late trade rally. Markets' reaction to positive economic data earlier was mostly muted. Commodity prices were higher with precious metals prices moving up sharply; and the US Dollar Index was down 0.3%.

The Dow Jones Industrial Average gained 14.84 points, or 0.1%, to 16,921.46. The S&P 500 added 2.50 points, or 0.1%, to 1,959.48. The Nasdaq Composite defied the trend and ended the day down 3.51 points, or 0.1% at 4,359.33.

Five out of ten sectors end higher led by energy and utilities sectors. Financials, metarials and technologys ectors lagged.

Safe-haven buying amid risk aversion in the market place and a slumping U.S. dollar index were featured Thursday. The civil war in Iraq remains a major market factor and continues to prompt risk aversion among traders and investors.

Traders and investors on Thursday were still digesting Wednesday afternoon's Federal Open Market Committee meeting statement and a press conference from Fed Chair Janet Yellen. Most traders expected the FOMC announcement that it would continue to taper its monthly bond-buying program, also called quantitative easing, by another $10 billion. Markets took the FOMC statement in stride, but Yellen's comments at her press conference rallied stock, bond and the commodity markets.

The U.S. dollar index saw selling pressure and hit a four-week low on Thursday in the wake of the dovishly construed comments from Yellen.

Among economic data expected at Wall Street on Thursday, initial claims for the week ending 14 June dipped by 6,000 to 312,000. The Philadelphia Fed Index for June increased to 17.8 from 15.4 in May, paced by broad-based gains in its various components; and the Leading Indicators Index for May increased 0.5% on top of a 0.3% increase in the prior month.

Among major stocks under focus, shares of BlackBerry jumped 9.7% after the smartphone maker posted an unexpected net profit and its adjusted quarterly loss was narrower than Wall Street had projected. Kroger rose 5.4% after the supermarket chain reported better-than-expected first-quarter profit and sales.

Bullion prices ended with hefty gains on Thursday, 19 June 2914. Gold prices pushed above $1,300 on Thursday, propelled by continued tension in Iraq and signals from Federal Reserve Chairwoman Janet Yellen that short-term rates can be held steady for a while longer.

Gold for August delivery jumped $41.40, or 3.3%, to settle at $1,314.10 an ounce on the Comex division of the New York Mercantile Exchange. July silver added 87 cents, or 4.4%, to end at $20.65 an ounce.

Crude prices rose on Thursday, 19 June 2014 and pushed above $115 a barrel for the first time since September, boosted by continued worries over Iraq and extended gains after President Barack Obama said U.S. troops won't return to combat in the country but that targeted military strikes are an option.

Nymex crude rose 46 cents to close at $106.43 a barrel, pushing back toward last week's high above $107.

Indian ADRs ended mostly lower on Thursday. In the banking space, ICICI Bank was down 0.44% at $49.58 per ADR and HDFC Bank shed 0.59% at $47.12. In the IT space, Infosys added 0.81% at $54.64 and Wipro rose 0.43% at $11.64. In the other sectors, Tata Motors was down 0.15% at $39.47 and Dr Reddy's Laboratories was down 0.2% at $40.45.

Trading volume picked up on Thursday with 636 million shares changing hands at the NYSE versus 614 million on Wednesday.

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