US Market extends gain to second straight session

The US stock market finished session higher on last session of the month and quarter, Tuesday, 30 June 2020, as the investors risk sentiments boosted up with better than expected domestic economic data which helping to offset concerns over the health of the global economy from the coronavirus pandemic

At closing bell, the Dow Jones Industrial Average advanced 217.08 points, or 0.84%, to 25,812.88. The S&P 500 index gained by 47.05 points, or 1.54%, to 3,100.29. The tech-heavy Nasdaq Composite Index rose by 184.61 points, or 1.87%, to 10,058.77. The stock market will be closed on Friday in observance of the Fourth of July holiday.

Wall Street stocks rallied for a second straight session on Tuesday, as investors weighed climbing coronavirus cases with positive economic data. The Conference Board released a report showed a bigger than expected improvement in consumer confidence in the month of June. The Conference Board said its consumer confidence index jumped to 98.1 in June from a downwardly revised 85.9 in May.

Stocks gains were also supported by the testimony of the Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin's to the House Financial Services Committee regarding the response to the coronavirus pandemic. Mnuchin said the Treasury and Fed were looking at extending the Fed's established 11 emergency lending facilities to include asset-based lending markets, but also reiterated that additional types of COVID-19 aid likely will need to be addressed by Congress under the next phase of stimulus. Powell emphasized that the 'overriding goal' of the central bank's facilities is to help get the roughly 25 million workers who lost jobs during the pandemic back to work, while also warning that a second wave of COVID-19 infections could undermine consumer confidence again.

Coronavirus cases continue to climb in multiple US states, leading to new restrictions and rollbacks of reopening phases. States such as Texas, California, Florida, and Arizona have rolled back reopening plans and imposed new restrictions as local COVID-19 cases have spiked. On Monday, New Jersey delayed allowing indoor dining in its phased reopening, and New York said it would also consider postponing the phase.

ECONOMIC NEWS: Chicago Business Activity Stays In Contraction In June- Contraction in Chicago-area business activity in the month of June continued, according to a report released by MNI Indicators on Tuesday. MNI Indicators said its Chicago business barometer rose to 36.6 in June from 32.3 in May, but a reading below 50 still indicates a contraction in regional business activity. The uptick by the Chicago business barometer reflected notable monthly increases by the production and new orders indexes. Meanwhile, the report said the employment index fell by 5.1 points in June, remaining below 50 for the twelfth consecutive month.

Among Indian ADR, Wipro added 1.22% to $3.31, WNS Holdings inclined 0.71% to $54.98, INFOSYS rose 0.94% to $9.66, and ICICI Bank added 1.86% to $9.29, while Vedanta dropped 2.26% to $5.61, Dr Reddys Labs fell 0.04% to $53.01, Tata Motors dropped 2.09% to $6.57, and HDFC Bank sank 0.35% to $45.46,

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