US Market closes down on profit taking

The US stocks were mixed after reversing intraday gains on penultimate session of year, Thursday, 30 December 2021, with the Dow, the Nasdaq, and the S&P 500 all settling moderately below the unchanged line. The weak finish of Wall Street partly due to profit taking after the Dow and the S&P 500 reached new record intraday highs in early trading.

Market rose in early trade today as a dip in weekly jobless claims allayed fears over the economic damage from a rampant surge in COVID-19 infections in the United States.

At the close of trade, the Dow Jones Industrial Average index declined 90.55 points, or 0.25%, to 36,398.08. The S&P500 index was down 14.33 points, or 0.3%, to 4,778.73. The tech-heavy Nasdaq Composite Index dropped 24.65 points, or 0.16%, to 15,741.56.

Total shares volume turnover on U.S. exchanges stood at 7.11 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 1857 to 1489 and 156 closed unchanged. In the NASDAQ, 2757 issues advanced, 1905 issues declined, and 234 issues unchanged.

Total 7 of 11 major S&P 500 sector indexes declined, with bottom performing issues were energy (down 0.68%), information technology (down 0.68%). Industrials (down 0.39%), and materials (down 0.37%), while top performing issues included real estate (up 0.36%) and utilities (up 0.34%).

Biogen Inc shares closed down, giving back gains from the prior session as Samsung BioLogics denied a media report that said the South Korean firm was in talks to buy the U.S. drugmaker.

ECONOMIC NEWS: The Labor Department report showed that initial jobless claims dipped to 198,000in the week ended December 25th, a decrease of 8,000 from the previous week's revised level of 206,000.

A separate report from MNI Indicators showed that Chicago business barometer rose to 63.1 in December from 61.8 in November, with a reading above 50 indicating growth.

Among Indian ADR, INFOSYS added 0.12% to $25.41, Dr Reddys Labs added 1.49% to $65.42, Wipro added 0.83% to $9.76, HDFC Bank added 1.3% to $64.71, ICICI Bank added 1.13% to $19.65, WNS Holdings added 0.06% to $88.25, and Azure Power Global added 5.15% to $17.96. Tata Motors fell 0.7% to $31.33.

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