US Market extends gain on hopes for stimulus

The US stock market finished higher for a second straight session on Thursday, 08 October 2020, as appetite for riskier assets underpinned on renewed hopes for U.S. stimulus measures to underpin the virus-hit economy after comments by U.S. President Donald Trump.

At closing bell, the Dow Jones Industrial Average index advanced 122.05 points, or 0.43%, to 28,425.51. The S&P 500 index gained 27.38 points, or 0.8%, to 3,446.83. The tech-heavy Nasdaq Composite Index added 56.38 points, or 0.5%, to 11,420.98.

Two days after calling off negotiations on a comprehensive bill, President Trump said talks with Congress have restarted over further COVID-19 relief and that there was a good chance a deal could be reached. But he gave no other details about a possible agreement.

President Donald Trump signaled that he would support a piecemeal approach to new fiscal relief, mentioning the Paycheck Protection Program, airline aid, and another round of direct payments. The president's tweets revived hopes for fresh government support.

House of Representatives Speaker Nancy Pelosi said legislation to help airlines was a matter of national security and could only move through Congress with guarantees of work continuing on the comprehensive deal.

ECONOMIC NEWS: US Weekly Jobless Claims Edge Down To 840,000- US initial jobless claims edged down to 840,000 in the week ended October 3rd, a decrease of 9,000 from the previous week's revised level of 849,000, the Labor Department on Thursday showed. The report said the less volatile four-week moving average also fell to 857,000, a decrease of 13,250 from the previous week's revised average of 870,250. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also tumbled by 1.003 million to 10.976 million in the week ended September 26th.

Among Indian ADR, INFOSYS added 1.79% to $14.80, Wipro added 5.23% to $5.23, HDFC Bank rose 1.67% to $54.85, ICICI Bank added 1.69% to $10.81, WNS Holdings added 0.29% to $65.90, and Azure Power Global fell 1.36% to $31.93. Dr Reddys Labs inclined 2.55% to $70.40. Tata Motors fell 0.62% to $9.67 and Vedanta fell 3.87% to $6.46.

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