US markets closed up; S&P, Dow hits record high

The US markets closed higher on Tuesday, with the Standard & Poor’s 500 Index advancing a fifth day, as gains in homebuilder shares helped offset losses among industrial companies. The S&P 500 has rebounded at record highs from a six-month low in October amid better-than-estimated corporate results and signs that economy is weathering a global slowdown and the end of the Federal Reserve’s bond-buying program. Federal Reserve Chair Janet Yellen will meet on November 14 with a coalition of community groups, labor unions and faith leaders seeking to influence monetary policy and the way some Fed officials are appointed. The group has called for the Fed to place greater weight on lowering unemployment. The meeting comes as the Fed moves closer to a decision on when to raise interest rates for the first time since 2006. On the economy front, a measure of small-business optimism rose to a two-month high in October, helped by optimism over capital spending plans and sales. The National Federation of Independent Business stated that its small-business optimism index rose 0.8 points to 96.1. A record low percentage of small business owners reported problems getting access to capital and an unusually high number of owners say they have no interest in borrowing.

Dow Jones Industrial Average added 1.16 points or 0.01 percent to 17,614.90, Nasdaq was up by 8.94 points or 0.19 percent to 4,660.56, while S&P 500 ended higher by 1.42 points or 0.07 percent to 2,039.68. 

The Indian ADRs closed mostly in red on Tuesday; Infosys was down 0.57%, Tata Motors was down 0.49% and Wipro was down 0.23%. On the other hand, ICICI Bank was up 0.88% and Dr. Reddy’s Lab was up 0.15%.