Indian ADRs end lower led by Tata Motors
U.S. stocks crept higher on Monday, 11 November 2013 giving the Dow Jones Industrial Average another record close this year. The market got a lift from encouraging Chinese economic reports that came out over the weekend and helped Asian and European equities, and it also continued to digest Friday's better-than-expected U.S. jobs report.
The Dow Jones Industrial Average rose 21.32 points, or 0.1%, to finish at 15,783.10, topping its prior record close from Friday. The S&P 500 edged up 1.28 points, or 0.1%, to end at 1,771.89. The Nasdaq Composite tacked on 0.56 point to close at 3,919.79.
Six of ten sectors registered gains. Financials and health care paced the slight advance, but only the health care sector was able to end among the leaders.
With the bond market closed for Veterans Day and no market-moving economic or company news, equity indices drifted near their flat lines throughout the session.
Among major stocks under focus, Amazon.com advanced 1.2% following news that the e-commerce company will make deliveries on Sundays to some customers in Los Angeles and New York. Twitter rose 3% in its third day of trading, as analysts started coverage of the social-media company with a neutral rating.
This week's U.S. economic data will give traders and investors more guidance on the present health of the U.S. economy and just when the Fed might start to wind down its monthly bond-buying program. The next Federal Open Market Committee (FOMC) monetary policy meeting is held in December.
Last week's U.S. economic data gave the U.S. dollar a boost against its other currency rivals. The U.S. dollar index hit a nearly two-month high last week but saw some profit taking-pressure on Monday. The stronger greenback recently is a bearish underlying factor for the raw commodity sector.
Reports Monday said China's industrial production data, released during the weekend, showed a 10.3% rise in October, year-on-year. Consumer inflation in China was reported up 3.2% in October, on an annual basis.
Bullion prices ended lower on Monday, 11 November 2013, unable to shake off last week's surprisingly strong U.S. jobs report and related expectations that the Federal Reserve will move soon to scale back the flow of monetary stimulus to the economy. The Armistice and Veterans Day holidays in Europe and the U.S. on Monday squelched market activity. The U.S. government was closed on Monday and no U.S. economic data was released.
December gold futures fell $3.50, or 0.3%, to close at $1,281.10 an ounce in floor trading on the Comex division of the New York Mercantile Exchange. Silver dropped four cents to end at $21.28 an ounce.
Crude oil futures ended higher on Monday, 11 November 2013, with Brent crude rebounding from a four-month low after talks aimed at curbing Iran's nuclear program in return for eased sanctions against the oil producer stalled.
December crude futures erased an earlier loss to close at $95.14 a barrel, posting a gain of 54 cents on the New York Mercantile Exchange.
Trading volume was well below average as just over 530 million shares changed hands on the floor of the New York Stock Exchange.
Indian ADRs ended lower on Monday. In the IT space, Infosys shed 0.84% at $53.23 and Wipro slipped 0.54% at $11.13. In the banking space, ICICI Bank was down 2.03% at $33.77 and HDFC Bank fell 1.3% at $32.88. In the other sectors, Tata Motors plunged 4.84% at $29.28 and Dr Reddys Laboratories was up 0.2% at $39.11.
There is no notable economic data on tomorrow's calendar.
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