US Market ends firmly positive in choppy trade

The US stock market settled session higher after fluctuating in and out of the boundary line over the course of the trading day on Wednesday, 08 July 2020, as investors assessed economic-reopening efforts in the face of climbing coronavirus cases, causing many regions to pause or reverse their reopening plans.

At closing bell, the Dow Jones Industrial Average rose 177.10 points, or 0.7%, to 26,067.28. The S&P 500 index climbed by 24.62 points, or 0.8%, to 3,169.94. The tech-heavy Nasdaq Composite Index added 148.61 points, or 1.4%, to 10,492.50.

Stock investors took sidelines due to nagging unease over the outlook for the global economy in the midst of rising U.S. coronavirus infections. Investor concerns that a resurgence of coronavirus cases, specifically across the Southeast and Southwest of the U.S.known as the Sun Beltwill make a quick global recovery more difficult. Several states have had to pull back or postpone reopening efforts to control surging COVID-19 cases, threatening the speed of the economic recovery in the US. A lockdown in Australia's city of Melbourne has also raised concerns.

The U.S. reported 60,000 new coronavirus cases Tuesday, a single-day record, according to data compiled by Johns Hopkins University. Overall, more than 3 million coronavirus cases have been confirmed in the U.S. along with at least 131,857 deaths, the largest national toll in the world. Texas and Florida have become the epicenters of the recent resurgence, with Florida reporting 7,361 cases on Tuesday and Texas recording more than 10,000 infectionsthe highest one-day increase in infections thus far.

Shares of National General Holdings (NGHC) soared after the insurance company agreed to be acquired by Allstate (ALL) for approximately $4 billion or $34.50 per share in cash.

Shares of TechnipFMC (FTI) moved higher after oil service provider signed a more than $1 billion contract for the construction of a new hydrocracking complex at an Assiut National Oil Processing refinery in Egypt.

Shares of Levi Strauss (LEVI) declined after the jeans maker said it expects its business will continue to be significantly adversely impacted by the coronavirus pandemic for at least the balance of 2020.

ECONOMIC NEWS: US Consumer Credit Continue To Decline In May- US consumer credit slumped by $18.2 billion in May after plunging by a revised $70.2 billion in April, the Federal Reserve reported on Wednesday. The continued decrease in consumer credit came as another sharp drop in revolving credit more than offset a rebound in non-revolving credit. Revolving credit, which largely reflects credit card debt, tumbled by $24.3 billion in May after plummeting by $58.2 billion in April. Meanwhile, non-revolving credit, such as student loans and car loans, rose by $6.0 billion in May after slumping by $12.0 billion in the previous month. Compared to the same month a year ago, consumer credit in May was down by 5.3 percent as a 28.6 percent nosedive in revolving credit more than offset a 2.3 percent jump in non-revolving credit.

Among Indian ADR, WNS Holdings added 1.84% to $55.48, INFOSYS rose 0.98% to $10.34, Vedanta rose 1.88% to $5.96, HDFC Bank climbed 1.48% to $48.63, and Dr Reddys Labs was up 1.57% to $52.26, while, Tata Motors shed 3.55% to $7.06, ICICI Bank sank 0.2% to $9.89, and Wipro dropped 2.37% to $3.29.

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