US Market extends gain on upbeat earnings

The US stock market finished higher for second straight session on Wednesday, 21 July 2021, as investors continued hunting recently battered stocks on the back of upbeat quarterly results from companies including Verizon and Coca-Cola.

At the close of trade, the Dow Jones Industrial Average index advanced 286.01 points, or 0.83%, to 34,798. The S&P 500 index added 35.63 points, or 0.82%, at 4,359. The tech-heavy Nasdaq Composite Index was up 133.08 points, or 0.92%, to 14,632.

Total 8 of 11 S&P 500 sectors inclined, with energy (up 3.53%) sector was top gainer, followed by financials (up 1.71%), materials (down 1.09%), industrials (up 1%), information technology (up 0.98%), consumer discretionary (up 0.81%), and communication services (up 0.73%) sectors.

The continued strength on Wall Street partly reflected a positive reaction to the latest batch of earnings news from several big-name companies. Shares of Coca-Cola (KO) and Verizon (VZ) moved to the upside after reporting better than expected quarterly results and raising their full-year guidance. Healthcare giant Johnson & Johnson (JNJ) also closed higher after reporting second quarter results that exceeded analyst estimates.

Among Indian ADR, Tata Motors added 0.39% to $20.52, INFOSYS added 1.77% to $21.31, WNS Holdings added 0.37% to $81.28, ICICI Bank added 0.69% to $17.52, HDFC Bank added 1.34% to $70.27. Wipro added 0.85% to $8.28. Vedanta added 2.25% to $14.06 and Dr Reddys Labs rose 0.67% to $72.07.

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