US Market extends gain for third day

The US stock market finished lackluster session higher on Thursday, 22 July 2021, extending the gains in the previous two sessions, with gains in tech and healthcare stocks outweighed losses in energy and financial stocks.

At the close of trade, the Dow Jones Industrial Average index advanced 25.35 points, or 0.07%, to 34,823. The S&P 500 index added 8.79 points, or 0.2%, at 4,367. The tech-heavy Nasdaq Composite Index was up 52.64 points, or 0.36%, to 14,685.

Total 6 of 11 S&P 500 sectors inclined, with information technology (up 0.71%) sector was top gainer, followed by healthcare (up 0.66%), consumer discretionary (up 0.58%), and communication services (up 0.41%) sectors, while energy (down 1.13%) sector was worst performer, followed by financials (down 1.04%) and industrials (down 0.34%) sectors.

ECONOMIC NEWS: US Weekly Jobless Claims Spike To 419,000- US initial jobless claims climbed to 419,000, an increase of 51,000 from the previous week's revised level of 368,000, a report released by the Labor Department on Thursday showed. The report showed the less volatile four-week moving average also crept up to 385,250, an increase of 750 from the previous week's revised average of 384,500. Meanwhile, the Labor Department said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, fell by 29,000 to 3.236 million in the week ended July 10th. With the decrease, continuing claims dropped to their lowest level since hitting 3.094 million in the week ended March 21, 2020.

US Leading Economic Index Climbs 0.7% In June- US leading economic index climbed by 0.7% in June after advancing by a downwardly revised 1.2% in May, the Conference Board reported on Thursday. The report showed the coincident economic index rose by 0.4% in June following a 0.5% increase in May. Meanwhile, lagging economic index came in unchanged in June following a 0.6% increase in the previous month.

US Existing Home Sales Expand 1.4% In June- US existing home sales jumped by 1.4% to an annual rate of 5.86 million in June after slumping by 1.2% to a revised rate of 5.78 million in May, the National Association of Realtors reported on Thursday. With the monthly increase, existing home sales rebounded after falling to their lowest level in eleven months in May. The annual rate of existing home sales in June was up by 22.9% from a rate of 4.77 million in the same month a year ago.

Among Indian ADR, INFOSYS added 0.09% to $21.33, WNS Holdings added 0.21% to $81.45, ICICI Bank added 0.46% to $17.60, Wipro added 0.85% to $8.35, Vedanta added 0.57% to $14.14, and Dr Reddys Labs rose 0.46% to $72.40. Tata Motors fell 3.07% to $19.89 and HDFC Bank fell 0.97% to $69.57.

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