US: Market closes mixed on Tuesday

The US stocks moved mostly lower in lackluster trade on Tuesday, 28 December 2021, with the Dow managing to end the day in positive territory, while the Nasdaq and the S&P 500 settled on opposite sides of the unchanged line.

At the close of trade, the Dow Jones Industrial Average index advanced 95.83 points, or 0.26%, to 36,398.21. The S&P500 index fell 4.84 points, or 0.1%, to 4,786.35. The tech-heavy Nasdaq Composite Index dropped 89.54 points, or 0.56%, to 15,781.72.

Total shares volume turnover on U.S. exchanges stood at 6.58 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 1744 to 1610 and 160 closed unchanged. In the NASDAQ, 1616 issues advanced, 3066 issues declined, and 230 issues unchanged.

Total 7 of 11 major S&P 500 sector indexes advanced, with top performing issues were utilities (up 0.93%), consumer discretionary (up 0.63%), materials (up 0.561%), and industrials (up 0.51%), while bottom performing issues included information technology (down 0.59%).

The lackluster performance on Wall Street came amid lower liquidity in the last days of the year and on caution ahead of the release of reports on weekly jobless claims, pending home sales and Chicago-area business activity in the coming days.

A tidal wave of omicron infections lifted global Covid-19 cases to a daily all-time high on Monday, meanwhile investors have taken some comfort from studies suggesting omicron causes less severe illness. Also, the Centers for Disease Control and Prevention have shortened the recommended isolation time to for asymptomatic people with Covid-19 to 5 days from 10 days. The CDC said the change is motivated by science demonstrating that the majority of Covid transmission occurs early in the course of illness, generally in the 1-2 days prior to onset of symptoms and the 2-3 days after.

ECONOMIC NEWS: US House Prices Surge 18.4% On Year In October - US home prices surged again in October as the housing market continues to boom in the wake of last year's coronavirus recession. The S&P CoreLogic Case-Shiller 20-city home price index, out Tuesday, climbed 18.4% in October from a year earlier. The gain marked a slight deceleration from a 19.1% year-over-year increase in September but was about in line with what economists had been expecting. All 20 cities posted double-digit annual gains. The hottest markets were Phoenix (up 32.3%), Tampa (28.1%) and Miami (25.7%). Minneapolis and Chicago posted the smallest increases, 11.5% each.

Among Indian ADR, INFOSYS fell 0.12% to $25.30, Dr Reddys Labs fell 0.09% to $63.56, and Wipro fell 0.1% to $9.63, and Tata Motors fell 0.19% to $31.72. HDFC Bank added 0.2% to $64.14, ICICI Bank added 0.26% to $19.54, WNS Holdings added 0.08% to $88.53, and Azure Power Global added 6.3% to $17.79.

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